Macroeconomic and monetary policies from the "eductive" viewpoint

Guesnerie Roger ()

PSE Working Papers from PSE (Ecole normale supérieure)

Abstract: The "eductive" viewpoint provides a theoretically sophisticated analysis as well as an intuitively plausible shortcut to the study of expectational coordination in economic models. From the review of expectational criteria in a class of dynamical models of macroeconomic theory, the paper shows how such an "eductive" viewpoint completes and deepens rather than contradicts standard analysis. It however argues that the "eductive" approach, when correctly implemented, challenges the conditions of learning in infinite-horizon models with infinitely-lived agents. In particular, in a simple monetary model adopting such a framework, Taylor rules may be stabilizing, in the demanding sense under scrutiny, but only within a small window for the reaction coefficient.

New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2008
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Related works:
Working Paper: Macroeconomic And Monetary Policies From The Eductive Viewpoint (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:pse:psecon:2008-24

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