Optimal Monetary Policy Rules: The Problem of Stability under Heterogeneous Learning

Dmitri Kolyuzhnov and Anna Bogomolova
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Dmitri Kolyuzhnov: CERGE-EI, Prague
Anna Bogomolova: CERGE-EI, Prague

No 713, 2007 Meeting Papers from Society for Economic Dynamics

Abstract: We test these monetary policy rules in the general setup of New Keynesian model that is a working horse of monetary policy models today. It is of interest to see that the results obtained by Evans and Honkapohja (2003) for homogeneous learning case are replicated for the case when the representative agent hypothesis is lifted.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed007:713

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