DOMENICO DELLI GATTI () (Institute of Quantitative Methods and Economic Theory, Catholic University of Milan, Largo Gemelli1, I-20123, Milan, Italy) EDOARDO GAFFEO () (Department of Economics and CEEL, University of Trento, Via Inama 5, I-38100 Trento, Italy) MAURO GALLEGATI () (Department of Economics, Polytechnic University of Marche, Piaz.le Martelli 8, I-60121, Ancona, Italy) ANTONIO PALESTRINI () (Department of Law in Society and History, University of Teramo, Via Crucidi 122, I-64100 Teramo, Italy)
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This paper investigates some central issues of monetary policy by offering a model in which a central bank tries to stabilize fluctuations in aggregate output and inflation in an adaptive complex economy. We resort to evolutionary algorithms to model the central bank behaviour under discretion, and confront the efficiency of discretion with the choice of full commitment to a fixed rule.
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