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Expectations, learning and monetary policy: an overview of recent research
Evans, George W; Honkapohja, Seppo - Suomen Pankki - 2007
Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...
Persistent link: https://www.econbiz.de/10005419689
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Saddlepath Learning
Ellison, Martin; Pearlman, Joseph - Centre for Dynamic Macroeconomic Analysis, University … - 2010
rational expectations equilibrium. Under saddlepath learning, we obtain a completely general relationship between determinacy …
Persistent link: https://www.econbiz.de/10008615270
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Trend Growth and Learning About Monetary Policy Rules
Tesfaselassie, Mewael - Institut für Weltwirtschaft (IfW) - 2011
The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under … a higher trend growth rate relaxes the conditions for determinacy and learnability. Results are mixed for other policy … rules. Under the expectations-based rule, trend growth reduces the scope for determinacy but it relaxes the conditions for …
Persistent link: https://www.econbiz.de/10009365996
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Learning, Monetary Policy and Housing Prices
Kanik, Birol - Türkiye Cumhuriyet Merkez Bankası - 2012
This paper evaluates different types of simple monetary policy rules according to the determinacy and learnability of … to investigate whether responding to housing prices affects determinacy and learnability of rational expectations …
Persistent link: https://www.econbiz.de/10009398271
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Expectations, Learning and Monetary Policy: An Overview of Recent Research
Evans, George; Honkapohja, Seppo - Scottish Institute for Research in Economics (SIRE) - 2008
Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...
Persistent link: https://www.econbiz.de/10010552353
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Comparing Expectational Stability Criteria in Dynamic Models: A Preparatory Overview
Gauthier, Stéphane; Guesnerie, Roger - HAL - 2005
plausibility of perfect foresight trajectories in forward-looking dynamical systems: determinacy of trajectories, absence of …
Persistent link: https://www.econbiz.de/10010570519
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Determinacy and Stability under Learning of Rational Expectations Equilibria
Gauthier, Stéphane - HAL - 2002
This paper studies relationships between the local determinacy of a stationary equilibrium in the perfect foresight … variables. In such a framework, it is well known that there are no clear links between the determinacy of the stationary state … rate perfect foresight dynamics on these coefficients and proves equivalence between determinacy in that dynamics and …
Persistent link: https://www.econbiz.de/10010899082
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Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy
Schaling, Eric; Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2013
of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two … (i) under the contemporaneous data policy rule the conditions for determinacy and learnability become more stringent on … expectations-based policy rule the conditions for determinacy and learnability also become more stringent on account of openness …
Persistent link: https://www.econbiz.de/10010886862
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Trend growth and learning about monetary policy rules in a two-block world economy
Schaling, Eric; Tesfaselassie, Mewael F. - 2013
of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two … (i) under the contemporaneous data policy rule the conditions for determinacy and learnability become more stringent on … expectations-based policy rule the conditions for determinacy and learnability also become more stringent on account of openness …
Persistent link: https://www.econbiz.de/10010292721
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Learning, monetary policy and housing prices
KANIK, Birol - Volkswirtschaftliche Fakultät, … - 2011
This paper evaluates different types of simple monetary policy rules according to the determinacy and learnability of … to investigate whether responding to housing prices affects determinacy and learnability of rational expectations …
Persistent link: https://www.econbiz.de/10009401305