This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Expectations, Learning and Monetary Policy: An Overview of Recent Research Author info | Abstract | Publisher info | Download info | Related research | Statistics George Evans ()
Seppo Honkapohja ()
Additional information is available for the following
registered author(s):
Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on econometric learning. Some apparently natural policy rules turn out to imply expectational instability of private agents’ learning. We use the standard New Keynesian model to illustrate this problem and survey the key results about interest-rate rules that deliver both uniqueness and stability of equilibrium under econometric learning. We then consider some practical concerns such as measurement errors in private expectations, observability of variables and learning of structural parameters required for policy. We also discuss some recent applications including policy design under perpetual learning, estimated models with learning, recurrent hyperinflations, and macroeconomic policy to combat liquidity traps and deflation.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by Centre for Dynamic Macroeconomic Analysis in its series CDMA Working Paper Series with number
0802.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length:
Date of creation: Jan 2008Date of revision:
Handle: RePEc:san:cdmawp:0802Contact details of provider: Postal: School of Economics and Finance, University of St. Andrews, Fife KY16 9AL Phone: 01334 462420 Fax: 01334 462444 Email: Web page: http://www.st-andrews.ac.uk/cdma More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Johannes Geissler).
Keywords: Imperfect knowledge learning interest-rate setting fluctuations stability determinacy. Other versions of this item:
Paper Evans, George W & Honkapohja, Seppo, 2008.
"Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch ,"
CEPR Discussion Papers
6640, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Evans , George W & Honkapohja, Seppo, 2007.
"Expectations, learning and monetary policy: an overview of recent research ,"
Research Discussion Papers
32/2007, Bank of Finland.
[Downloadable!] Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Evans, George W. & McGough, Bruce, 2005.
"Stable sunspot solutions in models with predetermined variables ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(4), pages 601-625, April.
[Downloadable!] (restricted)
Other versions: James B. Bullard & Eric Schaling, 2006.
"Monetary policy, determinacy, and learnability in a two-block world economy ,"
Working Papers
2006-038, Federal Reserve Bank of St. Louis.
[Downloadable!]
Evans, G.W. & Guse, E. & Honkapohja, S, 2007.
"Liquidity Traps, Learning and Stagnation ,"
Cambridge Working Papers in Economics
0732, Faculty of Economics, University of Cambridge.
[Downloadable!]
Other versions:
George W. Evans & Eran Guse & Seppo Honkapohja, 2007.
"Liquidity Traps, Learning and Stagnation ,"
University of Oregon Economics Department Working Papers
2007-9, University of Oregon Economics Department, revised 05 Jun 2007.
[Downloadable!] George Evans & Eran Guse & Seppo Honkapohja, 2007.
"Liquidity Traps, Learning and Stagnation ,"
Kiel Working Papers
1341, Kiel Institute for the World Economy.
[Downloadable!] Evans, George W & Guse, Eran & Honkapohja, Seppo, 2007.
"Liquidity Traps, Learning and Stagnation ,"
CEPR Discussion Papers
6355, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) William A. Brock & Cars H. Hommes, 1997.
"A Rational Route to Randomness ,"
Econometrica ,
Econometric Society, vol. 65(5), pages 1059-1096, September.
Kurozumi, Takushi, 2006.
"Determinacy and expectational stability of equilibrium in a monetary sticky-price model with Taylor rule ,"
Journal of Monetary Economics ,
Elsevier, vol. 53(4), pages 827-846, May.
[Downloadable!] (restricted)
Orphanides, Athanasios & Williams, John C, 2005.
"Inflation Scares and Forecast-Based Monetary Policy ,"
CEPR Discussion Papers
4844, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Athanasios Orphanides & John C. Williams, 2003.
"Inflation scares and forecast-based monetary policy ,"
Working Paper
2003-21, Federal Reserve Bank of Atlanta.
[Downloadable!] Athanasios Orphanides & John C. Williams, 2003.
"Inflation scares and forecast-based monetary policy ,"
Finance and Economics Discussion Series
2003-41, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!] Athanasios Orphanides & John C. Williams, 2003.
"Inflation scares and forecast-based monetary policy ,"
Working Papers in Applied Economic Theory
2003-11, Federal Reserve Bank of San Francisco.
[Downloadable!] Athanasios Orphanides & John C. Williams, 2005.
"Inflation scares and forecast-based monetary policy ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 8(2), pages 498-527, April.
[Downloadable!] (restricted) Woodford, Michael, 1999.
"Optimal Monetary Policy Inertia ,"
Manchester School ,
University of Manchester, vol. 67(0), pages 1-35, Supplemen.
[Downloadable!] (restricted)
Other versions:
Woodford, M., 1999.
"Optimal Monetary Policy Inertia. ,"
Papers
666, Stockholm - International Economic Studies.
Woodford, Michael, 2000.
"Optimal Monetary Policy Inertia ,"
Seminar Papers
666, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Michael Woodford, 1999.
"Optimal Monetary Policy Inertia ,"
NBER Working Papers
7261, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Michael Woodford, 1999.
"Optimal monetary policy inertia ,"
Proceedings ,
Federal Reserve Bank of San Francisco.
Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Journal of Economic Literature ,
American Economic Association, vol. 37(4), pages 1661-1707, December.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
CEPR Discussion Papers
2139, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Clarida, R. & Gali, J. & Gertler, M., 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Working Papers
99-13, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
Economics Working Papers
356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
[Downloadable!] Richard Clarida & Jordi Gali & Mark Gertler, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective ,"
NBER Working Papers
7147, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) James Bullard & Kaushik Mitra, 2002.
"Learning about monetary policy rules ,"
Working Papers
2000-001, Federal Reserve Bank of St. Louis.
[Downloadable!]
Other versions:
Kaushik Mitra & James Bullard, .
"Learning About Monetary Policy Rules ,"
Discussion Papers
00/41, Department of Economics, University of York.
[Downloadable!] Bullard, James & Mitra, Kaushik, 2002.
"Learning about monetary policy rules ,"
Journal of Monetary Economics ,
Elsevier, vol. 49(6), pages 1105-1129, September.
[Downloadable!] (restricted) Seppo Honkapohja & Kaushik Mitra, 2006.
"Learning Stability in Economies with Heterogeneous Agents ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 9(2), pages 284-309, April.
[Downloadable!] (restricted)
Other versions:
Kaushik Mitra & Seppo Honkapohja, 2004.
"Learning Stability in Economies with Heterogenous Agents ,"
Royal Holloway, University of London: Discussion Papers in Economics
04/17, Department of Economics, Royal Holloway University of London, revised Jul 2004.
[Downloadable!] Seppo Honkapohja & Kaushik Mitra, 2002.
"Learning stability in economics with heterogenous agents ,"
Working Paper Series
120, European Central Bank.
[Downloadable!] Honkapohja, Seppo & Mitra, Kaushik, 2002.
"Learning Stability in Economies with Heterogenous Agents ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo GmbH.
[Downloadable!] Bernanke, Ben S & Woodford, Michael, 1997.
"Inflation Forecasts and Monetary Policy ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 29(4), pages 653-84, November.
Other versions: James Murray, 2008.
"Empirical Significance of Learning in a New Keynesian Model with Firm-Specific Capital ,"
Caepr Working Papers
2007-027, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
[Downloadable!]
Michael Woodford, 1999.
"Commentary : how should monetary policy be conducted in an era of price stability? ,"
Proceedings ,
Federal Reserve Bank of Kansas City, pages 277-316.
[Downloadable!]
Honkapohja, Seppo & Mitra, Kaushik, 2004.
"Are non-fundamental equilibria learnable in models of monetary policy? ,"
Journal of Monetary Economics ,
Elsevier, vol. 51(8), pages 1743-1770, November.
[Downloadable!] (restricted)
Other versions:
Kaushik Mitra & Seppo Honkapohja, 2004.
"Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy? ,"
Royal Holloway, University of London: Discussion Papers in Economics
04/13, Department of Economics, Royal Holloway University of London, revised Jul 2004.
[Downloadable!] Seppo Honkapohja & Kaushik Mitra, .
"Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy? ,"
Discussion Papers
01/05, Department of Economics, University of York.
[Downloadable!] Honkapohja, S. & Mitra, K., 2001.
"Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy? ,"
University of Helsinki, Department of Economics
501, Department of Economics.
Honkapohja, Seppo & Mitra, Kaushik, 2001.
"Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy? ,"
CEPR Discussion Papers
2846, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Krisztina Molnar & Sergio Santoro, 2006.
"Optimal Monetary Policy when Agents are Learning ,"
Computing in Economics and Finance 2006
40, Society for Computational Economics.
[Downloadable!]
Carlstrom, Charles T. & Fuerst, Timothy S., 2004.
"Learning and the central bank ,"
Journal of Monetary Economics ,
Elsevier, vol. 51(2), pages 327-338, March.
[Downloadable!] (restricted)
Other versions: Athanasios Orphanides & John C. Williams, 2007.
"Robust monetary policy with imperfect knowledge ,"
Finance and Economics Discussion Series
2007-33, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions:
Athanasios Orphanides & John C. Williams, 2007.
"Robust monetary policy with imperfect knowledge ,"
Working Paper Series
2007-08, Federal Reserve Bank of San Francisco.
[Downloadable!] John C Williams & Athanasios Orphanides, 2005.
"Robust Monetary Policy with Imperfect Knowledge ,"
Computing in Economics and Finance 2005
400, Society for Computational Economics.
Athanasios Orphanides & John C. Williams, 2007.
"Robust monetary policy with imperfect knowledge ,"
Working Paper Series
764, European Central Bank.
[Downloadable!] Orphanides, Athanasios & Williams, John C., 2007.
"Robust monetary policy with imperfect knowledge ,"
Journal of Monetary Economics ,
Elsevier, vol. 54(5), pages 1406-1435, July.
[Downloadable!] (restricted) Emiliano Santoro & Damjan Pfajfar, 2006.
"Heterogeneity and learning in inflation expectation formation: an empirical assessment ,"
Department of Economics Working Papers
0607, Department of Economics, University of Trento, Italia.
[Downloadable!]
Wang, Q., 2006.
"Learning Stability for Monetary Policy Rules in a Two-Country Model ,"
Cambridge Working Papers in Economics
0659, Faculty of Economics, University of Cambridge.
[Downloadable!]
George W. Evans & Seppo Honkapohja, 2003.
"Friedman's Money Supply Rule versus Optimal Interest Rate Policy ,"
University of Oregon Economics Department Working Papers
2003-30, University of Oregon Economics Department, revised 01 Oct 2003.
[Downloadable!]
Other versions: Branch, William A. & Evans, George W., 2006.
"Intrinsic heterogeneity in expectation formation ,"
Journal of Economic Theory ,
Elsevier, vol. 127(1), pages 264-295, March.
[Downloadable!] (restricted)
Other versions: Honkapohja, Seppo & Mitra, Kaushik, 2003.
"Learning with bounded memory in stochastic models ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 27(8), pages 1437-1457, June.
[Downloadable!] (restricted)
Other versions:
Seppo Honkapohja & Kaushik Mitra, .
"Learning with Bounded Memory in Stochastic Models ,"
Discussion Papers
00/42, Department of Economics, University of York.
[Downloadable!] Kaushik Mitra & Seppo Honkapohja, 1999.
"Learning with Bounded Memory in Stochastic Models ,"
Computing in Economics and Finance 1999
221, Society for Computational Economics.
[Downloadable!] Honkapohja, S. & Mitra, K., 1999.
"Learning with Bounded Memory in Stochastic Models ,"
University of Helsinki, Department of Economics
456, Department of Economics.
Benhabib, Jess & Schmitt-Grohe, Stephanie & Uribe, Martin, 2001.
"The Perils of Taylor Rules ,"
Journal of Economic Theory ,
Elsevier, vol. 96(1-2), pages 40-69, January.
[Downloadable!] (restricted)
Other versions:
Benhabib, Jess & Schmitt-Grohe, Stephanie & Uribe, Martin, 1998.
"The Perils of Taylor Rules ,"
Working Papers
98-37, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 1998.
"The perils of Taylor Rules ,"
Departmental Working Papers
199831, Rutgers University, Department of Economics.
[Downloadable!] Benhabib, Jess & Schmitt-Grohé, Stephanie & Uribe, Martín, 1999.
"The Perils of Taylor Rules ,"
CEPR Discussion Papers
2314, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) GEORGE W. EVANS & BRUCE McGOUGH, 2007.
"Optimal Constrained Interest-Rate Rules ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 39(6), pages 1335-1356, 09.
[Downloadable!] (restricted)
Other versions: Branch, William A. & Evans, George W., 2006.
"A simple recursive forecasting model ,"
Economics Letters ,
Elsevier, vol. 91(2), pages 158-166, May.
[Downloadable!] (restricted)
Other versions: Fabio Milani, 2005.
"Adaptive Learning and Inflation Persistence ,"
Macroeconomics
0506013, EconWPA.
[Downloadable!]
Other versions: Evans, George W. & McGough, Bruce, 2005.
"Monetary policy, indeterminacy and learning ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(11), pages 1809-1840, November.
[Downloadable!] (restricted)
Other versions: Wiliam Branch & John Carlson & George W. Evans & Bruce McGough, 2004.
"Monetary Policy, Endogenous Inattention, and the Volatility Trade-off ,"
University of Oregon Economics Department Working Papers
2004-19, University of Oregon Economics Department, revised 15 May 2007.
[Downloadable!]
Other versions:
William A. Branch & John Carlson & George W. Evans & Bruce McGough, 2004.
"Monetary policy, endogenous inattention, and the volatility trade-off ,"
Working Paper
0411, Federal Reserve Bank of Cleveland.
[Downloadable!] William Branch & John Carlson & George W. Evans & Bruce McGough, 2006.
"Monetary Policy, Endogenous Inattention, and the Volatility Trade-off ,"
2006 Meeting Papers
106, Society for Economic Dynamics.
[Downloadable!] Stefano Eusepi & Bruce Preston, 2007.
"Central Bank Communication and Expectations Stabilization ,"
NBER Working Papers
13259, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: James B. Bullard, 2006.
"The learnability criterion and monetary policy ,"
Review ,
Federal Reserve Bank of St. Louis, issue May, pages 203-217.
[Downloadable!]
William A. Branch, 2004.
"The Theory of Rationally Heterogeneous Expectations: Evidence from Survey Data on Inflation Expectations ,"
Economic Journal ,
Royal Economic Society, vol. 114(497), pages 592-621, 07.
[Downloadable!] (restricted)
Bennett T. Mccallum, 2003.
"Is The Fiscal Theory of the Price Level Learnable? ,"
Scottish Journal of Political Economy ,
Scottish Economic Society, vol. 50(5), pages 634-649, November.
[Downloadable!] (restricted)
Other versions: Taylor, John B., 1993.
"Discretion versus policy rules in practice ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 39, pages 195-214, December.
[Downloadable!] (restricted)
G Evans & S Honkapohja, 1993.
"Adaptive Forecasts ,"
CEP Discussion Papers
0135, Centre for Economic Performance, LSE.
Lucas, Robert Jr, 1976.
"Econometric policy evaluation: A critique ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 1, pages 19-46.
[Downloadable!] (restricted)
George W. Evans & Seppo Honkapohja, 2003.
"Adaptive learning and monetary policy design ,"
Proceedings ,
Federal Reserve Bank of Cleveland, pages 1045-1084.
Other versions:
George W. Evans & Seppo Honkapohja, 2002.
"Adaptive Learning and Monetary Policy Design ,"
University of Oregon Economics Department Working Papers
2002-18, University of Oregon Economics Department, revised 04 Mar 2004.
[Downloadable!] George W. Evans & Seppo Honkapohja, 2004.
"Adaptive learning and monetary policy design ,"
Macroeconomics
0405008, EconWPA.
[Downloadable!] Evans, George W & Honkapohja, Seppo, 2003.
"Adaptive Learning and Monetary Policy Design ,"
CEPR Discussion Papers
3962, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Evans, George W. & Honkapohja, Seppo, 2002.
"Adaptive learning and monetary policy design ,"
Research Discussion Papers
29/2002, Bank of Finland.
[Downloadable!] Krisztina Molnár & Sergio Santoro, 2006.
"Optimal Monetary Policy When Agents Are Learning ,"
IEHAS Discussion Papers
0601, Institute of Economics, Hungarian Academy of Sciences, revised 15 Mar 2006.
[Downloadable!]
Martin Ellison & Tony Yates, 2007.
"Escaping Volatile Inflation ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 39(4), pages 981-993, 06.
[Downloadable!] (restricted)
George W. Evans & Seppo Honkapohja, 2003.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 70(4), pages 807-824, October.
[Downloadable!] (restricted)
Other versions:
Evans, George W. & Honkapohja, Seppo, 2000.
"Expectations and the stability problem for optimal monetary policies ,"
Discussion Paper Series 1: Economic Studies
2000,10, Deutsche Bundesbank, Research Centre.
[Downloadable!] Evans, George W & Honkapohja, Seppo, 2001.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
CEPR Discussion Papers
2805, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) George W. Evans & Seppo Honkapohja, 2001.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
University of Oregon Economics Department Working Papers
2001-6, University of Oregon Economics Department, revised 03 Aug 2001.
[Downloadable!] Honkapohja, S. & Evans, G.W., 2000.
"Expectations and the Stability Problem for Optimal Monetary Policies ,"
University of Helsinki, Department of Economics
481, Department of Economics.
Ferrero, Giuseppe, 2007.
"Monetary policy, learning and the speed of convergence ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 31(9), pages 3006-3041, September.
[Downloadable!] (restricted)
Bennett T. McCallum & Edward Nelson, 2004.
"Timeless perspective vs. discretionary monetary policy in forward-looking models ,"
Review ,
Federal Reserve Bank of St. Louis, issue Mar, pages 43-56.
[Downloadable!]
Other versions: Evans , George W & Honkapohja, Seppo, 2007.
"Robust learning stability with operational monetary policy rules ,"
Research Discussion Papers
31/2007, Bank of Finland.
[Downloadable!]
Other versions: Alex Brazier & Richard Harrison & Mervyn King & Tony Yates, .
"The danger of inflating expectations of macroeconomic stability: heuristic switching in an overlapping generations monetary model ,"
Bank of England working papers
303, Bank of England.
[Downloadable!]
Other versions: Svensson, Lars E. O., 1999.
"Inflation targeting as a monetary policy rule ,"
Journal of Monetary Economics ,
Elsevier, vol. 43(3), pages 607-654, June.
[Downloadable!] (restricted)
Other versions:
Lars E.O. Svensson, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
NBER Working Papers
6790, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Svensson, Lars E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Seminar Papers
646, Stockholm University, Institute for International Economic Studies.
[Downloadable!] Svensson, L.E.O., 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
Papers
646, Stockholm - International Economic Studies.
Svensson, Lars E O, 1998.
"Inflation Targeting as a Monetary Policy Rule ,"
CEPR Discussion Papers
1998, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Michael Woodford, 2005.
"Robustly Optimal Monetary Policy with Near Rational Expectations ,"
NBER Working Papers
11896, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Preston, Bruce, 2005.
"Learning about Monetary Policy Rules when Long-Horizon Expectations Matter ,"
MPRA Paper
830, University Library of Munich, Germany.
[Downloadable!]
Other versions: Bullard, James & Cho, In-Koo, 2005.
"Escapist policy rules ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(11), pages 1841-1865, November.
[Downloadable!] (restricted)
Other versions: Timothy Cogley & Thomas J. Sargent, 2005.
"The conquest of US inflation: Learning and robustness to model uncertainty ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 8(2), pages 528-563, April.
[Downloadable!] (restricted)
Other versions: Vitor Gaspar & Frank Smets & David Vestin, 2006.
"Adaptive learning, persistence, and optimal monetary policy ,"
Working Paper Series
644, European Central Bank.
[Downloadable!]
Other versions: James Bullard & Stefano Eusepi, 2005.
"Did the Great Inflation Occur Despite Policymaker Commitment to a Taylor Rule? ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 8(2), pages 324-359, April.
[Downloadable!] (restricted)
Other versions: Jasmina Arifovic & James B. Bullard & Olena Kostyshyna, 2007.
"Social learning and monetary policy rules ,"
Working Papers
2007-007, Federal Reserve Bank of St. Louis.
[Downloadable!]
Thomas Sargent & Noah Williams & Tao Zha, 2006.
"Shocks and Government Beliefs: The Rise and Fall of American Inflation ,"
American Economic Review ,
American Economic Association, vol. 96(4), pages 1193-1224, September.
Other versions: Clarida, Richard & Gali, Jordi & Gertler, Mark, 1998.
"Monetary policy rules in practice Some international evidence ,"
European Economic Review ,
Elsevier, vol. 42(6), pages 1033-1067, June.
[Downloadable!] (restricted)
Other versions:
Richard Clarida & Jordi Gali & Mark Gertler, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
NBER Working Papers
6254, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Clarida, Richard & Gali, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
Working Papers
97-32, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Clarida, Richard & Galí, Jordi & Gertler, Mark, 1997.
"Monetary Policy Rules in Practice: Some International Evidence ,"
CEPR Discussion Papers
1750, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Albert Marcet & Juan P. Nicolini, 2003.
"Recurrent Hyperinflations and Learning ,"
American Economic Review ,
American Economic Association, vol. 93(5), pages 1476-1498, December.
[Downloadable!] (restricted)
Other versions:
Albert Marcet & Juan P. Nicolini, 1995.
"Recurrent Hyperinflations and Learning ,"
Economics Working Papers
244, Department of Economics and Business, Universitat Pompeu Fabra, revised Nov 2001.
[Downloadable!] Marcet, A. & Nicolini, J.P., 1997.
"Recurrent Hyperinflations and Learning ,"
Papers
9721, Centro de Estudios Monetarios Y Financieros-.
Marcet, Albert & Nicolini, Juan Pablo, 1998.
"Recurrent Hyperinflations and Learning ,"
CEPR Discussion Papers
1875, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Preston, Bruce, 2006.
"Adaptive learning, forecast-based instrument rules and monetary policy ,"
Journal of Monetary Economics ,
Elsevier, vol. 53(3), pages 507-535, April.
[Downloadable!] (restricted)
Berardi, Michele & Duffy, John, 2007.
"The value of central bank transparency when agents are learning ,"
European Journal of Political Economy ,
Elsevier, vol. 23(1), pages 9-29, March.
[Downloadable!] (restricted)
Honkapohja, Seppo & Mitra, Kaushik, 2005.
"Performance of inflation targeting based on constant interest rate projections ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(11), pages 1867-1892, November.
[Downloadable!] (restricted)
Other versions:
Seppo Honkapohja & Kaushik Mitra, 2003.
"Performance of Inflation Targeting Based On Constant Interest Rate Projections ,"
CFS Working Paper Series
2003/39, Center for Financial Studies.
[Downloadable!] Kaushik Mitra & Seppo Honkapohja, 2004.
"Performance of Inflation Targeting Based On Constant Interest Rate Projections ,"
Royal Holloway, University of London: Discussion Papers in Economics
04/15, Department of Economics, Royal Holloway University of London, revised Jul 2004.
[Downloadable!] Kaushik Mitra & Seppo Honkapohja, 2004.
"Performance of Inflation Targeting Based on constant Interest Rate Projections ,"
Computing in Economics and Finance 2004
130, Society for Computational Economics.
[Downloadable!] Seppo Honkapohja & Kaushik Mitra, 2004.
" Performance of Inflation Targeting Based on Constant Interest Rate Projections ,"
CDMA Conference Paper Series
0406, Centre for Dynamic Macroeconomic Analysis.
[Downloadable!] Honkapohja, Seppo & Mitra, Kaushik, 2003.
"Performance of Inflation Targeting Based on Constant Interest Rate Projections ,"
CEPR Discussion Papers
4126, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Honkapohja, Seppo & Mitra, Kaushik, 2005.
"Performance of monetary policy with internal central bank forecasting ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 29(4), pages 627-658, April.
[Downloadable!] (restricted)
Other versions:
Kaushik Mitra & Seppo Honkapohja, 2004.
"Performance of Monetary Policy with Internal Central Bank Forecasting ,"
Royal Holloway, University of London: Discussion Papers in Economics
04/18, Department of Economics, Royal Holloway University of London, revised Jul 2004.
[Downloadable!] Honkapohja, Seppo & Mitra, Kaushik, 2002.
"Performance of monetary policy with internal central bank forecasting ,"
Research Discussion Papers
3/2002, Bank of Finland.
[Downloadable!] Seppo Honkapohja & Kaushik Mitra, 2002.
"Performance of monetary policy with nternal Central Bank forecasting ,"
Working Paper Series
127, European Central Bank.
[Downloadable!] George Evans & Seppo Honkapohja & Ramon Marimon, 2007.
"Stable Sunspot Equilibria in a Cash-in-Advance Economy ,"
Advances in Macroeconomics ,
Berkeley Electronic Press, vol. 7(1), pages 1165-1165.
[Downloadable!] (restricted)
Other versions:
Evans, George W. & Honkapohja, Seppo & Marimon, Ramon, 2001.
"Stable Sunspot Equilibria in a Cash-in-Advance Economy ,"
CESifo Working Paper Series
CESifo Working Paper No. , CESifo GmbH.
[Downloadable!] George W. Evans & Seppo Honkapohja & Ramon Marimon, 2002.
"Stable Sunspot Equilibira in a Cash-in-Advance Economy ,"
University of Oregon Economics Department Working Papers
2001-5, University of Oregon Economics Department, revised 15 Nov 2005.
[Downloadable!] George W. Evans & Seppo Honkapohja & Ramon Marimon, 2004.
"Stable Sunspot Equilibria in a Cash-in-Advance Economy ,"
Economics Working Papers
844, Department of Economics and Business, Universitat Pompeu Fabra, revised Jul 2005.
[Downloadable!] Wiliam Branch & John Carlson & George W. Evans & Bruce McGough, 2006.
"Adaptive Learning, Endogenous Inattention, and Changes in Monetary Policy ,"
University of Oregon Economics Department Working Papers
2006-6, University of Oregon Economics Department.
[Downloadable!]
Other versions: Vitor Gaspar & Frank Smets & David Vestin, 2006.
"Optimal Monetary Policy under Adaptive Learning ,"
Computing in Economics and Finance 2006
183, Society for Computational Economics.
[Downloadable!]
Evans, George W. & Honkapohja, Seppo, 2003.
"Expectational stability of stationary sunspot equilibria in a forward-looking linear model ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 28(1), pages 171-181, October.
[Downloadable!] (restricted)
Other versions: John Duffy & Wei Xiao, 2007.
"The Value of Interest Rate Stabilization Policies When Agents Are Learning ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 39(8), pages 2041-2056, December.
[Downloadable!] (restricted)
Other versions: Kurozumi, Takushi & Van Zandweghe, Willem, 2008.
"Investment, interest rate policy, and equilibrium stability ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 32(5), pages 1489-1516, May.
[Downloadable!] (restricted)
Rotemberg, Julio J, 1982.
"Sticky Prices in the United States ,"
Journal of Political Economy ,
University of Chicago Press, vol. 90(6), pages 1187-1211, December.
[Downloadable!] (restricted)
Adam, Klaus & Evans, George W. & Honkapohja, Seppo, 2006.
"Are hyperinflation paths learnable? ,"
Journal of Economic Dynamics and Control ,
Elsevier, vol. 30(12), pages 2725-2748, December.
[Downloadable!] (restricted)
Eusepi, Stefano, 2007.
"Learnability and monetary policy: A global perspective ,"
Journal of Monetary Economics ,
Elsevier, vol. 54(4), pages 1115-1131, May.
[Downloadable!] (restricted)
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Fabio Milani, 2008.
"Learning about the Interdependence between the Macroeconomy and the Stock Market ,"
Working Papers
070819, University of California-Irvine, Department of Economics.
[Downloadable!]
Access and
download statistics Did you know? You too can volunteer with RePEc.
This page was last updated on 2008-9-15.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .