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Monetary policy with heterogeneous and misspecified expectations Author info | Abstract | Publisher info | Download info | Related research | Statistics Michele Berardi
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In recent literature on monetary policy and learning, it has been suggested that private sector’s expectations should play a role in the policy rule implemented by the central bank, as they could improve the ability of the policymaker to stabilize the economy. Private sector’s expectations, in these studies, are often taken to be homogeneous and rational, at least in the limit of a learning process. In this paper, instead, we consider the case in which private agents are heterogeneous in their expectations formation mechanisms and hold heterogeneous expectations in equilibrium. We investigates the impact of this heterogeneity in expectations on central bank’s policy implementation and on the ensuing economic outcomes.
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Paper provided by Economics, The Univeristy of Manchester in its series Centre for Growth and Business Cycle Research Discussion Paper Series with number
81.
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Length: 27 pages
Date of creation: 2006Date of revision:
Handle: RePEc:man:cgbcrp:81Contact details of provider: Postal: Manchester M13 9PL Phone: (0)161 275 4868 Fax: (0)161 275 4812 Web page: http://www.socialsciences.manchester.ac.uk/cgbcr/ More information through EDIRC
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CEPR Discussion Papers
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