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Macroeconomic And Monetary Policies From The Eductive Viewpoint

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  • Roger Guesnerie

Abstract

The 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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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 498.

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Date of creation: Oct 2008
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Handle: RePEc:chb:bcchwp:498

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  1. Gauthier, S., 1999. "Determinacy and Stability under Learning of Rational Expectations Equilibria," DELTA Working Papers 1999-22, DELTA (Ecole normale supérieure).
  2. Gabriel Desgranges, 2000. "CK-Equilibria and Informational Efficiency in a Competitive Economy," Econometric Society World Congress 2000 Contributed Papers 1296, Econometric Society.
  3. Gabriel Desgranges & Pierre-Yves Geoffard & Roger Guesnerie, 2003. "Do Prices Transmit Rationally Expected Information?," Journal of the European Economic Association, MIT Press, vol. 1(1), pages 124-153, 03.
  4. Gabriel Desgranges & Maik Heinemann, 2005. "Strongly rational expectations equilibria with endogenous acquisition of information," Working Paper Series in Economics 9, University of Lüneburg, Institute of Economics.
  5. Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-45, November.
  6. John B. Taylor, 1999. "Introduction to "Monetary Policy Rules"," NBER Chapters, in: Monetary Policy Rules, pages 1-14 National Bureau of Economic Research, Inc.
  7. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters, in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
  8. G. Desgranges & Stéphane Gauthier, 2003. "Uniqueness of bubble-free solution in linear rational expectations models," Post-Print halshs-00069498, HAL.
  9. DeCanio, Stephen J, 1979. "Rational Expectations and Learning from Experience," The Quarterly Journal of Economics, MIT Press, vol. 93(1), pages 47-57, February.
  10. Roger Guesnerie & Pedro Jara-Moroni, 2007. "Expectational coordination in a class of economic models: Strategic substitutabilities versus strategic complementarities," PSE Working Papers halshs-00587837, HAL.
  11. John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1, July.
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