Macroeconomic and Monetary Policies from the Eductive Viewpoint
In: Monetary Policy under Uncertainty and Learning
AbstractThe quality of the coordination of expectations, a key issue for monetary policy, obtains from different, but interrelated, channels: both the credibility of the central bank intervention and the ability of decentralized agents to coordinate on a dynamical equilibrium matter. For both purposes, it is important to understand how agents learn. Indeed, many studies on monetary policy focus on learning processes involving evolutive, real-time learning rules (such as adaptive learning rules). The eductive viewpoint, as illustrated in previous works, partly abstracts from the real-time dimension of learning, with the aim of more directly capturing the systemsâ coordination-friendly characteristics. The paper first presents the analytical philosophy of expectational coordination underlying the eductive viewpoint. Following the review, the paper explores the differences between the traditional viewpoint and this competing viewpoint as they relate to standard monetary policy analysis. This exploration is tentative, yet promising.
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This chapter was published in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.) Monetary Policy under Uncertainty and Learning, , chapter 6, pages 171-202, 2009.
This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v13c06pp171-202.
Other versions of this item:
- Roger Guesnerie, 2008. "Macroeconomic And Monetary Policies From The Eductive Viewpoint," Working Papers Central Bank of Chile 498, Central Bank of Chile.
- Roger Guesnerie, 2008. "Macroeconomic and monetary policies from the "eductive" viewpoint," PSE Working Papers halshs-00586749, HAL.
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