Performance of monetary policy with internal central bank forecasting

Seppo Honkapohja and Kaushik Mitra

No 127, Working Paper Series from European Central Bank

Abstract: Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. In this paper, we study the implications of heterogeneity in forecasts of the central bank and private agents for the performance of interest rules from the learning viewpoint. JEL Classification: E52, E31, D84

Keywords: adaptive learning; heterogeneity; monetary policy; stability (search for similar items in EconPapers)
Date: 2002-02
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Related works:
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:ecb:ecbwps:2002127

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