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Persistent link: https://www.econbiz.de/10003738447
We use a standard New Keynesian model to explore implications of backward- and forward looking windows for monetary policy with average inflation targeting and investigate the conditions for determinacy. A unique equilibrium rules out sunspot shocks that can lead to self-fulfilling shocks for...
Persistent link: https://www.econbiz.de/10013288839
Persistent link: https://www.econbiz.de/10011740630
This paper examines how the estimation results for a standard New Keynesian model with constant gain least squares learning is sensitive to the stance taken on agents beliefs at the beginning of the sample. The New Keynesian model is estimated under rational expectations and under learning with...
Persistent link: https://www.econbiz.de/10014217375
]We use a standard New Keynesian model to explore implications of backward- and forward-looking windows for monetary policy with average inflation targeting and investigate the conditions for determinacy. A unique equilibrium rules out sunspot shocks that can lead to self-fulfilling shocks for...
Persistent link: https://www.econbiz.de/10014084367