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Learning Rational Expectations In A Policy Game

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  • Cripps, Martin

Abstract

Rational expectations is a maintained assumption in the analysis of economic policy. Here we examine how two types of learning rational expectations (rational and econometric) affect the time profile of optimal policy. In both cases the government adopts policies which delay convergence to rational expectations. There is also a reduction in the inflationary bias, in one case permanently in the other temporarily.

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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 297.

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Length: 24 pages
Date of creation: 1988
Date of revision:
Handle: RePEc:wrk:warwec:297

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Cited by:
  1. Cone, Thomas E., 2005. "Learnability and transparency with time inconsistent monetary policy," Economics Letters, Elsevier, vol. 87(2), pages 187-191, May.
  2. Ellison, Martin, 2003. "The Learning Cost of Interest Rate Reversals," CEPR Discussion Papers 4135, C.E.P.R. Discussion Papers.
  3. Chan G. Huh & Kevin J. Lansing, 1997. "Expectations, credibility, and disinflation in a small macroeconomic model," Working Paper 9713, Federal Reserve Bank of Cleveland.
  4. Tetlow, Robert J. & von zur Muehlen, Peter, 2001. "Simplicity versus optimality: The choice of monetary policy rules when agents must learn," Journal of Economic Dynamics and Control, Elsevier, vol. 25(1-2), pages 245-279, January.
  5. Caleiro, António, 2008. "How Can Voters Classify an Incumbent under Output Persistence," Economics Discussion Papers 2008-16, Kiel Institute for the World Economy.

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