Macroeconomic And Monetary Policies From The Eductive Viewpoint
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 systems’ 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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Bibliographic InfoPaper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 498.
Date of creation: Oct 2008
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Other versions of this item:
- Roger Guesnerie, 2009. "Macroeconomic and Monetary Policies from the Eductive Viewpoint," Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.), Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 6, pages 171-202 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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