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economy where (i) private agents have incomplete information and form their expectations using recursive learning algorithms … of stability of the equilibrium and speed of convergence of the learning process. In particular, while the publication of … stabilize expectations and to speed up the learning process the response of the policy instrument to inflation should be …
Persistent link: https://www.econbiz.de/10008764925
economy where: (i) private agents have incomplete information and form their expectations using recursive learning algorithms … this assumption.Results in terms of stability of the equilibrium and speed of convergence of the learning process crucially … inflation and output gap projections enlarges the set of interest rate rules associated with stable equilibria under learning …
Persistent link: https://www.econbiz.de/10013131264
economy where (i) private agents have incomplete information and form their expectations using recursive learning algorithms … of stability of the equilibrium and speed of convergence of the learning process. In particular, while the publication of … stabilize expectations and to speed up the learning process the response of the policy instrument to inflation should be …
Persistent link: https://www.econbiz.de/10013127620
In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...
Persistent link: https://www.econbiz.de/10012309007
In this paper I study the effects of monetary policy on economic activity and asset prices in Sweden, separately identifying the effects of a conventional policy change from effects of new information about economic fundamentals. Recent research has shown that high-frequency changes in policy...
Persistent link: https://www.econbiz.de/10012497748
About half of professional forecasters report that they use the natural rate of unemployment (u*) to forecast. I show that forecasters' reported use of and estimates of u* are informative about their expectations-formation process, including their use of a Phillips curve. Those who report not...
Persistent link: https://www.econbiz.de/10012897100
I explore how asymmetric information between the central bank and the private sector changes the optimal conduct of monetary policy. I build a New Keynesian model in which private agents have imperfect information about underlying shocks, while the central bank has perfect information. In this...
Persistent link: https://www.econbiz.de/10012872149
Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...
Persistent link: https://www.econbiz.de/10012872234
Central banks have used different types of forward guidance, where the forward guidance horizon is related to a state contingency, a calendar date or left open-ended. This paper reports cross-country evidence on the impact of these different types of forward guidance on the sensitivity of bond...
Persistent link: https://www.econbiz.de/10011997441
conducted in 2007 on the communication practices of 32 members of the Central Bank Governance Network. The questionnaire sent to …
Persistent link: https://www.econbiz.de/10013095822