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Behavioral learning equilibria
Hommes, Cars H.; Zhu, Mei - 2013
Persistent link: https://www.econbiz.de/10010191433
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Monetary Policy, Endogenous Inattention, and the Volatility Trade-Off
Branch, William; Carlson, John B.; Evans, George W.; … - 2007
processing rate. Although a decline of policy activism directly increases output volatility, it indirectly anchors expectations …
Persistent link: https://www.econbiz.de/10014223070
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The Role of Learning for Asset Prices and Business Cycles
Winkler, Fabian - 2017
depend partly on their market value. Agents learn about stock prices, but have conditionally model-consistent expectations … expectations. A reaction of the monetary policy rule to asset price growth increases welfare under learning …
Persistent link: https://www.econbiz.de/10012969719
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Learning, Uncertainty and Central Bank Activism in an Economy with Strategic Interactions
Ellison, Martin; Valla, Natacha - 2021
expectations, which is detrimental to welfare …
Persistent link: https://www.econbiz.de/10013320313
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Behavioral learning equilibria
Hommes, Cars H.; Zhu, Mei - In: Journal of economic theory 150 (2014), pp. 778-814
Persistent link: https://www.econbiz.de/10010360451
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Are bygones not bygones? : modeling price level targeting with an escape clause and lessons from the gold standard
Masson, Paul R. (contributor); Shukayev, Malik (contributor) - 2008
Like the gold standard, price level targeting (PT) involves not letting past deviations of inflation be bygones; both regimes return the price level (or price of gold) to its target. The experience of suspension of the gold standard in World War I, resumption in the 1920s (for some countries at...
Persistent link: https://www.econbiz.de/10003749248
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Can Price-Level Targeting Reduce Exchange-Rate Volatility?
Azcona, Nestor - 2016
Previous studies have shown that, under certain conditions, a central bank could achieve a better trade-off between inflation and output volatility by replacing its inflation target with a price-level target. This paper studies whether a Taylor rule that targets the price-level instead of the...
Persistent link: https://www.econbiz.de/10012981319
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Dynamic effects of monetary policy shocks on macroeconomic volatility
Mumtaz, Haroon; Theodoridis, Konstantinos - 2015
We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy rate by 150 basis points causes output and inflation...
Persistent link: https://www.econbiz.de/10011389786
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Volatility effects of news shocks in (B)RE models with optimal monetary policy
Offick, Sven; Wohltmann, Hans-Werner - 2015
model under optimal unrestricted monetary policy with forward-looking rational expectations (RE) and backward …-looking boundedly rational expectations (BRE). If the degree of backward-looking price setting behavior is sufficiently small (large … expectations follows from the inverse relation between the price-setting behavior and the optimal monetary policy. By contrast, if …
Persistent link: https://www.econbiz.de/10011390502
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Volatility effects of news shocks in New Keynesian models with optimal monetary policy : updated version
Offick, Sven; Wohltmann, Hans-Werner - 2016 - Revised version
This paper studies the volatility implications of anticipated cost-push shocks (i.e. news shocks) in a New Keynesian model with hybrid price setting both under optimal unrestricted and discretionary monetary policy with flexible inflation targeting. If the degree of backward-looking price...
Persistent link: https://www.econbiz.de/10011452632