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The limits to robust monetary policy in a small open economy with learning agents
André, Marie Charlotte; Dai, Meixing - 2020
Keynesian model. We find that slightly departing from rational expectations substantially changes the way the central bank deals … (output gap) today or stabilizing it tomorrow. The central bank should optimally anchoring private agents expectations in the … short term in exchange of easier future intratemporal trade-offs. Compared to the rational expectations equilibrium, the …
Persistent link: https://www.econbiz.de/10012292350
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Optimal monetary policy when agents are learning
Molnár, Krisztina; Santoro, Sergio - 2010
intertemporal trade-off, not present under rational expectations: it is optimal to forego stabilizing the economy in the present in … actually has rational expectations is much smaller than if the central bank mistakenly assumes rational expectations when in … fact agents are learning. -- optimal monetary policy ; learning ; rational expectations …
Persistent link: https://www.econbiz.de/10003974493
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On the initialization of adaptive learning in macroeconomic models
Berardi, Michele; Galimberti, Jaqueson K. - 2016
inferences under rational expectations, whereas the fraction of backward looking price setters increases. …
Persistent link: https://www.econbiz.de/10011573204
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Survey expectations, adaptive learning and inflation dynamics
Rychalovska, Yuliya; Slobodyan, Sergey; Wouters, Rafael - 2024
Persistent link: https://www.econbiz.de/10014545353
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Expectations, stagnation and fiscal policy : a nonlinear analysis
Honkapohja, Seppo; Evans, George W.; Mitra, Kaushik - 2020
Persistent link: https://www.econbiz.de/10012288308
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Escaping the Great Recession
Bianchi, Francesco; Melosi, Leonardo - 2016
We show that policy uncertainty about how the rising public debt will be stabilized accounts for the lack of deflation in the US economy at the zero lower bound. We first estimate a Markov-switching VAR to highlight that a zero-lower-bound regime captures most of the comovements during the Great...
Persistent link: https://www.econbiz.de/10011560569
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Monetary policy under imperfect information and consumer confidence
Brenneisen, Jan-Niklas - 2020 - This version: July 23, 2020.
Although it is generally accepted that consumer confidence measures are informative signals about the state of the economy, theoretical macroeconomic models designed for the analysis of monetary policy typically do not provide a role for them. I develop a framework with asymmetric information in...
Persistent link: https://www.econbiz.de/10012269096
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Escaping the Great Recession
Bianchi, Francesco; Melosi, Leonardo - 2014 - This draft: January 2014
While high uncertainty is an inherent implication of the economy entering the zero lower bound, deflation is not, because agents are likely to be uncertain about the way policymakers will deal with the large stock of debt arising from a severe recession. We draw this conclusion based on a...
Persistent link: https://www.econbiz.de/10010439777
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Optimal robust monetary policy in a small open economy
André, Marine Charlotte; Medina Espidio, Sebastián - 2022
-through. The importance of anchoring inflation expectations is highlighted. …
Persistent link: https://www.econbiz.de/10013464822
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Constrained discretion and central bank transparency
Bianchi, Francesco; Melosi, Leonardo - 2016
We develop and estimate a general equilibrium model to quantitatively assess the effects and welfare implications of central bank transparency. Monetary policy can deviate from active inflation stabilization and agents conduct Bayesian learning about the nature of these deviations. Under...
Persistent link: https://www.econbiz.de/10011560575