Macroeconomic And Monetary Policies From The Eductive Viewpoint

Guesnerie Roger ()

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: The quality of the coordination of expectations, a key issue for monetary policy, obtains from different, but interrelated, channels: both the credibility of the central bank intervention and the ability of decentralized agents to coordinate on a dynamical equilibrium matter. For both purposes, it is important to understand how agents learn. Indeed, many studies on monetary policy focus on learning processes involving evolutive, real-time learning rules (such as adaptive learning rules). The eductive viewpoint, as illustrated in previous works, partly abstracts from the real-time dimension of learning, with the aim of more directly capturing the systems’ coordination-friendly characteristics. The paper first presents the analytical philosophy of expectational coordination underlying the eductive viewpoint. Following the review, the paper explores the differences between the traditional viewpoint and this competing viewpoint as they relate to standard monetary policy analysis. This exploration is tentative, yet promising.

Date: 2008-10
View list of references

Downloads: (external link)
http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc498.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Working Paper: Macroeconomic and monetary policies from the "eductive" viewpoint (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:chb:bcchwp:498

Access Statistics for this paper

More papers in Working Papers Central Bank of Chile from Central Bank of Chile
Contact information at EDIRC.
Series data maintained by Claudio Sepulveda ().