Similar Search Results

Dynamics of monetary-fiscal interaction under learning : conference paper

Hollmayr, Josef; Matthes, Christian - 2014 - Very preliminary and incomplete

The interaction between monetary and fiscal policy and the associated uncertainty about this interaction have been put on center stage by the recent financial crisis and the associated recession. In our model agents learn about both fiscal and monetary policy rules via the Kalman Filter. In...

Persistent link: https://www.econbiz.de/10010491162

Trust, but verify : de-anchoring of inflation expectations under learning and heterogeneity

Busetti, Fabio; Delle Monache, Davide; Gerali, Andrea; … - Task Force on Low Inflation (LIFT) - 2017

learning, choosing among a set of alternative forecasting models. The analysis is accompanied by empirical evidence on the …

Persistent link: https://www.econbiz.de/10011636284

Inflation expectations, disagreement, and monetary policy

Hoffmann, Mathias; Hürtgen, Patrick - 2016

Survey data on inflation expectations show that: (i) private sector forecasts and central bank forecasts are not fully aligned and (ii) private sector forecasters disagree about inflation expectations. To reconcile these two facts we introduce dispersed information in a New Keynesian model,...

Persistent link: https://www.econbiz.de/10011520661

Tales of transition paths : policy uncertainty and random walks

Hollmayr, Josef; Matthes, Christian - 2015

What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have to estimate fiscal and monetary policy rules and assess how uncertainty surrounding the conduct of policymakers influences transition paths after policy changes. We find that...

Persistent link: https://www.econbiz.de/10011292321

Friedrich Hayek on Monetary and Banking Systems Reform

Ravier, Adrian O. - 2013

Throughout his life, Friedrich Hayek worked towards prescribing a monetary policy under which the world economy would again enjoy the stability it had known under the classical international gold standard system. This paper outlines three banking and monetary systems that were pivotal in the...

Persistent link: https://www.econbiz.de/10013085527

F.A. Hayek and His Rational Choice of Monetary Arrangements

Sahoo, Ganeswar - 2013

This paper addresses the perspective of Hayek's doctrine on monetary arrangements in the economy and his favorable argument for an international central bank over national central bank. I also discussed Hayek's view on free banking (i.e. for the free issue of bank notes) that would enable the...

Persistent link: https://www.econbiz.de/10013077505

Optimal public information dissemination : introducing observational learning into a generalized beauty contest

Hüning, Hendrik; Meub, Lukas - 2015

information is subject to multipliereffects inherent to social learning. We build upon the static case, where all agents receive a … dissemination of public information is thus considerably lower than the static case suggests. If the social learning signal is …

Persistent link: https://www.econbiz.de/10011349468

Optimal public information dissemination : introducing observational learning into a generalized beauty contest

Hüning, Hendrik; Meub, Lukas - 2015

information is subject to multiplier effects inherent to social learning. We build upon the static case, where all agents receive … dissemination of public information is thus considerably lower than the static case suggests. If the social learning signal is …

Persistent link: https://www.econbiz.de/10011373562

The limits to robust monetary policy in a small open economy with learning agents

André, Marie Charlotte; Dai, Meixing - 2020

We study the impact of adaptive learning for the design of a robust monetary policy using a small open-economy New … with model misspecification. Learning induces an intertemporal trade-off for the central bank, i.e., stabilizing inflation … possibility to conduct robust monetary policy is limited in a small open economy under learning for any exchange rate pass …

Persistent link: https://www.econbiz.de/10012292350

Learning the Inflation Target

Nunes, Ricardo Cavaco - 2005

The New Keynesian model with rational expectations unrealistically predicts that unanticipated credible changes in the inflation target lead to an immediate jump in the inflation level while the output gap is unaffected. We set up a theoretical model where agents learn the behaviour of the...

Persistent link: https://www.econbiz.de/10014065326

1
2
3
4
5
6
7
8
9
10
Next
Last