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Performance of monetary policy with internal central bank forecasting

Seppo Honkapohja () and Kaushik Mitra

No 3/2002, Research Discussion Papers from Bank of Finland

Abstract: Recent models of monetary policy have analysed the desirability of different optimal and ad hoc interest-rate rules under the restrictive assumption that forecasts of the private sector and central bank are homogeneous.In this paper, we study from a learning perspective the implications of heterogeneity across forecasts by the central bank and private agents for the performance of interest-rate rules.Key words: adaptive learning, stability, heterogeneity, monetary policy JEL classification numbers: E52, E31, D84

JEL-codes: E52 E31 D84 (search for similar items in EconPapers)
Date: 2002-02-19
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Related works:
Journal Article: Performance of monetary policy with internal central bank forecasting (2005) Downloads
Working Paper: Performance of Monetary Policy with Internal Central Bank Forecasting (2004) Downloads
Working Paper: Performance of monetary policy with internal central bank forecasting (2002) Downloads
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