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Macroeconomic And Monetary Policies From The Eductive Viewpoint


  • Roger Guesnerie


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.

Suggested Citation

  • Roger Guesnerie, 2008. "Macroeconomic And Monetary Policies From The Eductive Viewpoint," Working Papers Central Bank of Chile 498, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:498

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    References listed on IDEAS

    1. Gabriel Desgranges & Maik Heinemann, 2004. "Strongly rational expectations equilibria with endogenous acquisition of information," Computing in Economics and Finance 2004 35, Society for Computational Economics.
    2. 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, March.
    3. John B. Taylor, 1999. "Introduction to "Monetary Policy Rules"," NBER Chapters,in: Monetary Policy Rules, pages 1-14 National Bureau of Economic Research, Inc.
    4. 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.
    5. Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-1445, November.
    6. Desgranges, Gabriel & Gauthier, St phane, 2003. "Uniqueness Of Bubble-Free Solution In Linear Rational Expectations Models," Macroeconomic Dynamics, Cambridge University Press, vol. 7(02), pages 171-191, April.
    7. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
    8. 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.
    9. John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1, January.
    10. Gauthier, Stephane, 2002. "Determinacy and Stability under Learning of Rational Expectations Equilibria," Journal of Economic Theory, Elsevier, vol. 102(2), pages 354-374, February.
    11. Gabriel Desgranges, 2000. "CK-Equilibria and Informational Efficiency in a Competitive Economy," Econometric Society World Congress 2000 Contributed Papers 1296, Econometric Society.
    12. Stephen J. DeCanio, 1979. "Rational Expectations and Learning from Experience," The Quarterly Journal of Economics, Oxford University Press, vol. 93(1), pages 47-57.
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    Cited by:

    1. Nagel, Rosemarie & Bühren, Christoph & Frank, Björn, 2017. "Inspired and inspiring: Hervé Moulin and the discovery of the beauty contest game," Mathematical Social Sciences, Elsevier, vol. 90(C), pages 191-207.
    2. repec:eee:macchp:v2-1065 is not listed on IDEAS

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