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Performance of Monetary Policy with Internal Central Bank Forecasting

Kaushik Mitra () and Seppo Honkapohja ()

No 04/18, Royal Holloway, University of London: Discussion Papers in Economics from Department of Economics, Royal Holloway University of London

Abstract: Recent models of monetary policy have analyzed the desirability of di?erent optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. This paper studies the implications of heterogeneity in forecasting by the central bank and private agents for the performance of interest rules in a framework of econometric learning.

Keywords: Adaptive learning; stability; heterogeneity; monetary policy. (search for similar items in EconPapers)
JEL-codes: E52 E31 D84 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2004-07, Revised 2004-07
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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 (2002) Downloads
Working Paper: Performance of monetary policy with internal central bank forecasting (2002) Downloads
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