Author: Richard T. Froyen
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
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.
Optimal Monetary Policy when Agents are Learning
Author: Krisztina Molnár
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
Book Description
Optimal Monetary Policy under Uncertainty, Second Edition
Author: Richard T. Froyen
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
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.
Publisher: Edward Elgar Publishing
ISBN: 1784717193
Category : Mathematical optimization
Languages : en
Pages : 466
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.
Optimal Monetary Policy Using Reinforcement Learning
Author: Natascha Hinterlang
Publisher:
ISBN: 9783957298614
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN: 9783957298614
Category :
Languages : en
Pages :
Book Description
Learning and Optimal Monetary Policy
Author: Richard Dennis
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
Book Description
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.
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
Book Description
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.
Adaptive Learning, Pesistence and Optimal Monetary Policy
Author: Vítor Gaspar
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Book Description
Adaptive Learning, Persistence, and Optimal Monetary Policy
Author: Vítor Gaspar
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 26
Book Description
Expectations and the Stability Problem for Optimal Monetary Policies
Author: George W. Evans
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 48
Book Description
Publisher:
ISBN:
Category : Economic stabilization
Languages : en
Pages : 48
Book Description
Asset Price Learning and Optimal Monetary Policy
Author: Colin Caines
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
Two-sided learning and optimal monetary policy in an open economy model
Author: Timothy Kam
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
Two-sided Learning and Optimal Monetary Policy in an Open Economy Model
Author: Timothy C. Y. Kam
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 25
Book Description
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 25
Book Description