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: D84 E31 E52 (search for similar items in EconPapers)
Pages: 30 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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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 (2002)
Working Paper: Performance of monetary policy with internal central bank forecasting (2002)
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