Monetary Policy with Internal Central Bank Forecasting: A Case of Heterogenous Information

Kaushik Mitra and Seppo Honkapohja

No 04/16, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: Honkapohja and Mitra (2003) have analyzed the desirability of optimal and ad hoc interest rules in monetary policy when the forecasts of the private sector and the central bank are heterogenous but information is symmetric. Here we analyze the case of asymmetric information in which one party does not observe all observable shocks that the other party sees.

Keywords: Adaptive learning; stability; heterogeneity; asymmetric information; monetary policy. (search for similar items in EconPapers)
JEL-codes: D84 E31 E52 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2004-07, Revised 2004-07
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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