Performance of monetary policy with internal central bank forecasting
Seppo Honkapohja () and
No 3/2002, Research Discussion Papers from Bank of Finland
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)
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Journal Article: Performance of monetary policy with internal central bank forecasting (2005)
Working Paper: Performance of Monetary Policy with Internal Central Bank Forecasting (2004)
Working Paper: Performance of monetary policy with internal central bank forecasting (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:bof:bofrdp:2002_003
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