which the central bank has to learn the private sector inflation forecasting rule.Here, the learning scheme we investigate … is that of least-squares learning (recursive OLS) using the Kalman filter.With imperfect knowledge, results depend on the … learning scheme that is employed.A novel feature of the passive learning policy - compared to the central bank s disinflation …

learning (DOP) and compare it two limiting cases---certainty equivalence policy (CEP) and cautionary policy (CP). It turns out … learning (DOP) and compare it two limiting cases---certainty equivalence policy (CEP) and cautionary policy (CP). It turns out … CEP, at low levels of inherited inflation the DOP resembles the CP. -- Learning ; inflation expectations ; disinflation …

learning (DOP) and compare it two limiting cases---certainty equivalence policy (CEP) and cautionary policy (CP). It turns out …

output gap. This differs from other studies on learning and control in a monetary policy context (e.g. Ellison (2006) and … central bank's optimal disinflation strategy under active learning (DOP) and compare it with two limiting cases - certainty … equivalence policy (CEP), or passive learning, and a Brainard-style cautionary monetary policy (CP). It turns out that under the …