Optimal Monetary Policy when Agents are Learning PDF Download
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Author: Krisztina Molnár
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Author: Krisztina Molnár
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Author: Richard T. Froyen
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
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Book Description
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author: Natascha Hinterlang
Publisher:
ISBN: 9783957298614
Category :
Languages : en
Pages :
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Author: Richard Dennis
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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To conduct policy efficiently, central banks must use available data to infer, or learn, the relevant structural relationships in the economy. However, because a central bank's policy affects economic outcomes, the chosen policy may help or hinder its efforts to learn. This paper examines whether real-time learning allows a central bank to learn the economy's underlying structure and studies the impact that learning has on the performance of optimal policies under a variety of learning environments. Our main results are as follows. First, when monetary policy is formulated as an optimal discretionary targeting rule, we find that the rational expectations equilibrium and the optimal policy are real-time learnable. This result is robust to a range of assumptions concerning private sector learning behavior. Second, when policy is set with discretion, learning can lead to outcomes that are better than if the model parameters are known. Finally, if the private sector is learning, then unannounced changes to the policy regime, particularly changes to the inflation target, can raise policy loss considerably.
Author: Vítor Gaspar
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Author: Vítor Gaspar
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
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Book Description
Author: George W. Evans
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 48
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Author: Colin Caines
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Timothy Kam
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Author: Timothy C. Y. Kam
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 25
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