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Adaptive learning and monetary policy design Author info | Abstract | Publisher info | Download info | Related research | Statistics George W. Evans
Seppo Honkapohja
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We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under learning. Appropriately designed expectations-based rules can yield optimal rational expectations (REs) equilibria that are both determinate and stable under learning. Some simple instrument rules and approximate targeting rules also have these desirable properties. We discuss various complications in implementing optimal policy, including the observability of key variables and the required knowledge of structural parameters. An additional issue that we take up concerns the implications of expectation shocks not arising from transitional learning effects.
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Article provided by Federal Reserve Bank of Cleveland in its journal Proceedings .
Volume (Year): (2003)
Issue (Month): ()
Pages: 1045-1084
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Handle: RePEc:fip:fedcpr:y:2003:p:1045-1084Contact details of provider: Postal: 1455 East 6th St., Cleveland OH 44114 Phone: 216.579.2000 Web page: http://www.clevelandfed.org/ More information through EDIRC
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Keywords: Monetary policy Interest rates Other versions of this item:
Paper George W. Evans & Seppo Honkapohja, 2002.
"Adaptive Learning and Monetary Policy Design ,"
University of Oregon Economics Department Working Papers
2002-18, University of Oregon Economics Department, revised 04 Mar 2004.
[Downloadable!] George W. Evans & Seppo Honkapohja, 2004.
"Adaptive learning and monetary policy design ,"
Macroeconomics
0405008, EconWPA.
[Downloadable!] Evans, George W & Honkapohja, Seppo, 2003.
"Adaptive Learning and Monetary Policy Design ,"
CEPR Discussion Papers
3962, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Evans, George W. & Honkapohja, Seppo, 2002.
"Adaptive learning and monetary policy design ,"
Research Discussion Papers
29/2002, Bank of Finland.
[Downloadable!] References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Woodford, Michael, 1999.
"Optimal Monetary Policy Inertia ,"
Manchester School ,
University of Manchester, vol. 67(0), pages 1-35, Supplemen.
[Downloadable!] (restricted)
Other versions:
Woodford, M., 1999.
"Optimal Monetary Policy Inertia. ,"
Papers
666, Stockholm - International Economic Studies.
Woodford, Michael, 2000.
"Optimal Monetary Policy Inertia ,"
Seminar Papers
666, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Michael Woodford, 1999.
"Optimal Monetary Policy Inertia ,"
NBER Working Papers
7261, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Michael Woodford, 1999.
"Optimal monetary policy inertia ,"
Proceedings ,
Federal Reserve Bank of San Francisco.
Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Journal of Economic Literature ,
American Economic Association, vol. 37(4), pages 1661-1707, December.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
CEPR Discussion Papers
2139, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Clarida, R. & Gali, J. & Gertler, M., 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Working Papers
99-13, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Economics Working Papers
356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
[Downloadable!] Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
NBER Working Papers
7147, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Bernanke, Ben S & Woodford, Michael, 1997.
"Inflation Forecasts and Monetary Policy ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 29(4), pages 653-84, November.
Other versions: Michael Woodford, 1999.
"Commentary : how should monetary policy be conducted in an era of price stability? ,"
Proceedings ,
Federal Reserve Bank of Kansas City, pages 277-316.
[Downloadable!]
Evans , George W. & Honkapohja, Seppo, 2002.
"Policy interaction, learning and the fiscal theory of prices ,"
Research Discussion Papers
18/2002, Bank of Finland.
[Downloadable!]
Other versions:
George W. Evans & Seppo Honkapohja, 2002.
"Policy Interaction, Learning and the Fiscal Theory of Prices ,"
University of Oregon Economics Department Working Papers
2002-17, University of Oregon Economics Department, revised 07 Jun 2007.
[Downloadable!] Evans, G W & Honkapohja, Seppo, 2002.
"Policy Interaction, Learning and the Fiscal Theory of Prices ,"
CEPR Discussion Papers
3564, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Evans, George W. & Honkapohja, Seppo, 2007.
"Policy Interaction, Learning, And The Fiscal Theory Of Prices ,"
Macroeconomic Dynamics ,
Cambridge University Press, vol. 11(05), pages 665-690, July.
[Downloadable!] Taylor, John B., 1993.
"Discretion versus policy rules in practice ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 39, pages 195-214, December.
[Downloadable!] (restricted)
Howitt, Peter, 1992.
"Interest Rate Control and Nonconvergence to Rational Expectations ,"
Journal of Political Economy ,
University of Chicago Press, vol. 100(4), pages 776-800, August.
[Downloadable!] (restricted)
Honkapohja, Seppo & Mitra, Kaushik, 2002.
"Performance of monetary policy with internal central bank forecasting ,"
Research Discussion Papers
3/2002, Bank of Finland.
[Downloadable!]
Other versions:
Kaushik Mitra & Seppo Honkapohja, 2004.
"Performance of Monetary Policy with Internal Central Bank Forecasting ,"
Royal Holloway, University of London: Discussion Papers in Economics
04/18, Department of Economics, Royal Holloway University of London, revised Jul 2004.
[Downloadable!] Seppo Honkapohja & Kaushik Mitra, 2002.
"Performance of monetary policy with nternal Central Bank forecasting ,"
Working Paper Series
127, European Central Bank.
[Downloadable!] Honkapohja, Seppo & Mitra, Kaushik, 2005.
"Performance of monetary policy with internal central bank forecasting ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(4), pages 627-658, April.
[Downloadable!] (restricted) George W. Evans & Seppo Honkapohja, 2003.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 70(4), pages 807-824, October.
[Downloadable!] (restricted)
Other versions:
Evans, George W. & Honkapohja, Seppo, 2000.
"Expectations and the stability problem for optimal monetary policies ,"
Discussion Paper Series 1: Economic Studies
2000,10, Deutsche Bundesbank, Research Centre.
[Downloadable!] Evans, George W & Honkapohja, Seppo, 2001.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
CEPR Discussion Papers
2805, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) George W. Evans & Seppo Honkapohja, 2001.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
University of Oregon Economics Department Working Papers
2001-6, University of Oregon Economics Department, revised 03 Aug 2001.
[Downloadable!] Honkapohja, S. & Evans, G.W., 2000.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
University of Helsinki, Department of Economics
481, Department of Economics.
Svensson, Lars E. O., 1999.
"Inflation targeting as a monetary policy rule ,"
Journal of Monetary Economics ,
Elsevier, vol. 43(3), pages 607-654, June.
[Downloadable!] (restricted)
Other versions:
Lars E.O. Svensson, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
NBER Working Papers
6790, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Seminar Papers
646, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, L.E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Papers
646, Stockholm - International Economic Studies.
Svensson, Lars E O, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
CEPR Discussion Papers
1998, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Richard Clarida & Jordi Galí & Mark Gertler, 2000.
"Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 115(1), pages 147-180, February.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
CEPR Discussion Papers
1908, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Richard Clarida & Jordi Gali & Mark Gertler, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
NBER Working Papers
6442, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
Economics Working Papers
350, Department of Economics and Business, Universitat Pompeu Fabra, revised May 1999.
[Downloadable!] Clarida, R. & Gali, J. & Gertler, M., 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory ,"
Working Papers
98-01, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Michael Woodford, 1996.
"Control of the Public Debt: A Requirement for Price Stability? ,"
NBER Working Papers
5684, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998.
"Monetary policy rules in practice Some international evidence ,"
European Economic Review ,
Elsevier, vol. 42(6), pages 1033-1067, June.
[Downloadable!] (restricted)
Other versions:
Richard Clarida & Jordi Gali & Mark Gertler, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
NBER Working Papers
6254, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
Working Papers
97-32, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
CEPR Discussion Papers
1750, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
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