Long-term debt pricing and monetary policy transmission under imperfect knowledge
Author
Abstract
Suggested Citation
Download full text from publisher
Other versions of this item:
- Eusepi, Stefano & Giannoni, Marc & Preston, Bruce, 2012. "Long-Term Debt Pricing and Monetary Policy Transmission under Imperfect Knowledge," CEPR Discussion Papers 8845, C.E.P.R. Discussion Papers.
References listed on IDEAS
- Julio J. Rotemberg & Michael Woodford, 1999.
"Interest Rate Rules in an Estimated Sticky Price Model,"
NBER Chapters, in: Monetary Policy Rules, pages 57-126,
National Bureau of Economic Research, Inc.
- Julio J. Rotemberg & Michael Woodford, 1998. "Interest-Rate Rules in an Estimated Sticky Price Model," NBER Working Papers 6618, National Bureau of Economic Research, Inc.
- Marcet, Albert & Sargent, Thomas J, 1989. "Convergence of Least-Squares Learning in Environments with Hidden State Variables and Private Information," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1306-1322, December.
- Molnár, Krisztina & Santoro, Sergio, 2014.
"Optimal monetary policy when agents are learning,"
European Economic Review, Elsevier, vol. 66(C), pages 39-62.
- Krisztina Molnar & Sergio Santoro, 2006. "Optimal Monetary Policy when Agents are Learning," Computing in Economics and Finance 2006 40, Society for Computational Economics.
- Krisztina Molnar & Sergio Santoro, 2008. "Optimal Monetary Policy When Agents Are Learning," 2008 Meeting Papers 679, Society for Economic Dynamics.
- Krisztina Molnár & Sergio Santoro, 2010. "Optimal Monetary Policy When Agents Are Learning," Working Paper 2010/08, Norges Bank.
- Krisztina Molnár & Sergio Santoro, 2006. "Optimal Monetary Policy When Agents Are Learning," CERS-IE WORKING PAPERS 0601, Institute of Economics, Centre for Economic and Regional Studies, revised 15 Mar 2006.
- Adam, Klaus & Marcet, Albert, 2011.
"Internal rationality, imperfect market knowledge and asset prices,"
Journal of Economic Theory, Elsevier, vol. 146(3), pages 1224-1252, May.
- Klaus Adam & Albert Marcet, 2011. "Internal Rationality, Imperfect Market Knowledge and Asset Prices," CEP Discussion Papers dp1068, Centre for Economic Performance, LSE.
- Olivier Coibion & Yuriy Gorodnichenko & Johannes Wieland, 2012.
"The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound?,"
Review of Economic Studies, Oxford University Press, vol. 79(4), pages 1371-1406.
- Olivier Coibion & Yuriy Gorodnichenko & Johannes Wieland, 2010. "The Optimal Inflation Rate in New Keynesian Models," Working Papers 91, Department of Economics, College of William and Mary.
- Olivier Coibion & Yuriy Gorodnichenko & Johannes F. Wieland, 2010. "The Optimal Inflation Rate in New Keynesian Models," NBER Working Papers 16093, National Bureau of Economic Research, Inc.
- Giannoni, Marc P. & Woodford, Michael, 2017.
"Optimal target criteria for stabilization policy,"
Journal of Economic Theory, Elsevier, vol. 168(C), pages 55-106.
- Marc P. Giannoni & Michael Woodford, 2010. "Optimal Target Criteria for Stabilization Policy," NBER Working Papers 15757, National Bureau of Economic Research, Inc.
- Giannoni, Marc & Woodford, Michael, 2010. "Optimal Target Criteria for Stabilization Policy," CEPR Discussion Papers 7719, C.E.P.R. Discussion Papers.
- Michael Woodford & Marc P. Giannoni, 2010. "Optimal Target Criteria for Stabilization Policy," 2010 Meeting Papers 932, Society for Economic Dynamics.
- Marc Giannoni & Michael Woodford, 2012. "Optimal target criteria for stabilization policy," Staff Reports 535, Federal Reserve Bank of New York.
- Stefano Eusepi & Bruce Preston, 2012.
"Debt, Policy Uncertainty, And Expectations Stabilization,"
Journal of the European Economic Association, European Economic Association, vol. 10(4), pages 860-886, August.
- Stefano Eusepi & Bruce Preston, 2010. "Debt, Policy Uncertainty and Expectations Stabilization," CAMA Working Papers 2010-20, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Olivier Coibion & Yuriy Gorodnichenko & Johannes Wieland, 2012.
"The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound?,"
Review of Economic Studies, Oxford University Press, vol. 79(4), pages 1371-1406.
- Yuriy Gorodnichenko & Johannes Wieland & Olivier Coibion, 2012. "The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound?," 2012 Meeting Papers 70, Society for Economic Dynamics.
- Milani, Fabio, 2007.
"Expectations, learning and macroeconomic persistence,"
Journal of Monetary Economics, Elsevier, vol. 54(7), pages 2065-2082, October.
- Fabio Milani, 2005. "Expectations, Learning and Macroeconomic Persistence," Working Papers 050608, University of California-Irvine, Department of Economics.
- Fabio Milani, 2005. "Expectations, Learning and Macroeconomic Persistence," Macroeconomics 0510022, University Library of Munich, Germany.
- Yun, Tack, 1996. "Nominal price rigidity, money supply endogeneity, and business cycles," Journal of Monetary Economics, Elsevier, vol. 37(2-3), pages 345-370, April.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Stefano Eusepi & Bruce Preston, 2018.
"Fiscal Foundations of Inflation: Imperfect Knowledge,"
American Economic Review, American Economic Association, vol. 108(9), pages 2551-2589, September.
- Stefano Eusepi & Bruce Preston, 2013. "Fiscal foundations of inflation: imperfect knowledge," Staff Reports 649, Federal Reserve Bank of New York.
- Stefano Eusepi & Bruce Preston, 2017. "Fiscal foundations of inflation: Imperfect knowledge," CAMA Working Papers 2017-34, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013.
"The Effects of the Saving and Banking Glut on the U.S. Economy,"
NBER Chapters, in: NBER International Seminar on Macroeconomics 2013, pages 52-67,
National Bureau of Economic Research, Inc.
- Alejandro Justiniano & Giorgio Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," NBER Working Papers 19635, National Bureau of Economic Research, Inc.
- Justiniano, Alejandro & Primiceri, Giorgio E & Tambalotti, Andrea, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," CEPR Discussion Papers 9729, C.E.P.R. Discussion Papers.
- Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the Saving and Banking Glut on the U.S. Economy," Working Paper Series WP-2013-17, Federal Reserve Bank of Chicago.
- Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the saving and banking glut on the U.S. economy," Staff Reports 648, Federal Reserve Bank of New York.
- Molnár, Krisztina & Santoro, Sergio, 2014.
"Optimal monetary policy when agents are learning,"
European Economic Review, Elsevier, vol. 66(C), pages 39-62.
- Krisztina Molnar & Sergio Santoro, 2006. "Optimal Monetary Policy when Agents are Learning," Computing in Economics and Finance 2006 40, Society for Computational Economics.
- Krisztina Molnár & Sergio Santoro, 2010. "Optimal Monetary Policy when Agents are Learning," CESifo Working Paper Series 3072, CESifo.
- Krisztina Molnár & Sergio Santoro, 2010. "Optimal Monetary Policy When Agents Are Learning," Working Paper 2010/08, Norges Bank.
- Krisztina Molnar & Sergio Santoro, 2008. "Optimal Monetary Policy When Agents Are Learning," 2008 Meeting Papers 679, Society for Economic Dynamics.
- Piero Ferri & Fabio Tramontana, 2018. "Debt Persistence in a Deflationary Environment: A Regime-Switching Model," Computational Economics, Springer;Society for Computational Economics, vol. 52(2), pages 421-442, August.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Guido Ascari & Argia M. Sbordone, 2014.
"The Macroeconomics of Trend Inflation,"
Journal of Economic Literature, American Economic Association, vol. 52(3), pages 679-739, September.
- Guido Ascari & Argia M. Sbordone, 2013. "The Macroeconomics of Trend Inflation," DEM Working Papers Series 053, University of Pavia, Department of Economics and Management.
- Guido Ascari & Argia M. Sbordone, 2013. "The macroeconomics of trend inflation," Staff Reports 628, Federal Reserve Bank of New York.
- Eusepi, Stefano & Giannoni, Marc P. & Preston, Bruce, 2018.
"Some implications of learning for price stability,"
European Economic Review, Elsevier, vol. 106(C), pages 1-20.
- Stefano Eusepi & Marc P. Giannoni & Bruce Preston, 2017. "Some implications of learning for price stability," CAMA Working Papers 2017-08, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Francesco Bianchi & Leonardo Melosi, 2018.
"Constrained Discretion and Central Bank Transparency,"
The Review of Economics and Statistics, MIT Press, vol. 100(1), pages 187-202, March.
- Francesco Bianchi & Leonardo Melosi, 2012. "Constrained Discretion and Central Bank Transparency," PIER Working Paper Archive 13-041, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Francesco Bianchi & Leonardo Melosi, 2016. "Constrained Discretion and Central Bank Transparency," Working Paper Series WP-2016-15, Federal Reserve Bank of Chicago.
- Francesco Bianchi & Leonardo Melosi, 2012. "Constrained Discretion and Central Bank Transparency," PIER Working Paper Archive 13-031, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Francesco Bianchi, 2014. "Constrained Discretion and Central Bank Transparency," 2014 Meeting Papers 424, Society for Economic Dynamics.
- Bianchi, Francesco & Melosi, Leonardo, 2014. "Constrained Discretion and Central Bank Transparency," CEPR Discussion Papers 9955, C.E.P.R. Discussion Papers.
- Francesco Bianchi & Leonardo Melosi, 2013. "Constrained Discretion and Central Bank Transparency," Working Papers 13-13, Duke University, Department of Economics.
- Francesco Bianchi & Leonardo Melosi, 2014. "Constrained Discretion and Central Bank Transparency," Working Paper Series WP-2014-16, Federal Reserve Bank of Chicago.
- Francesco Bianchi & Leonardo Melosi, 2014. "Constrained Discretion and Central Bank Transparency," NBER Working Papers 20566, National Bureau of Economic Research, Inc.
- Olivier Coibion & Yuriy Gorodnichenko & Johannes Wieland, 2012.
"The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound?,"
Review of Economic Studies, Oxford University Press, vol. 79(4), pages 1371-1406.
- Olivier Coibion & Yuriy Gorodnichenko & Johannes F. Wieland, 2010. "The Optimal Inflation Rate in New Keynesian Models," NBER Working Papers 16093, National Bureau of Economic Research, Inc.
- Yuriy Gorodnichenko & Johannes Wieland & Olivier Coibion, 2012. "The Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light of the Zero Lower Bound?," 2012 Meeting Papers 70, Society for Economic Dynamics.
- Caprioli, Francesco, 2015. "Optimal fiscal policy under learning," Journal of Economic Dynamics and Control, Elsevier, vol. 58(C), pages 101-124.
- Louis Phaneuf & Jean Gardy Victor, 2019. "Long‐Run Inflation and the Distorting Effects of Sticky Wages and Technical Change," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(1), pages 5-42, February.
- Elmar Mertens, 2016.
"Managing Beliefs about Monetary Policy under Discretion,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(4), pages 661-698, June.
- Elmar Mertens, 2008. "Managing Beliefs about Monetary Policy under Discretion?," Working Papers 08.02, Swiss National Bank, Study Center Gerzensee.
- Elmar Mertens, 2010. "Managing beliefs about monetary policy under discretion," Finance and Economics Discussion Series 2010-11, Board of Governors of the Federal Reserve System (U.S.).
- Mele, Antonio & Molnar, Krisztina & Santoro, Sergio, 2014.
"On the perils of stabilizing prices when agents are learning,"
Discussion Paper Series in Economics
1/2015, Norwegian School of Economics, Department of Economics.
- Antonio Mele & Krisztina Molnar & Sergio Santoro, 2015. "On the perils of stabilizing prices when agents are learning," School of Economics Discussion Papers 0215, School of Economics, University of Surrey.
- Mele, Antonio & Molnar, Krisztina & Santoro, Sergio, 2018. "On the perils of stabilizing prices when agents are learning," Discussion Paper Series in Economics 22/2018, Norwegian School of Economics, Department of Economics.
- Antonio Mele & Krisztina Molnár & Sergio Santoro, 2015. "On the Perils of Stabilizing Prices when Agents are Learning," CESifo Working Paper Series 5173, CESifo.
- George W. Evans & Seppo Honkapohja, 2009.
"Expectations, Learning and Monetary Policy: An Overview of Recent Research,"
Central Banking, Analysis, and Economic Policies Book Series, in: Klaus Schmidt-Hebbel & Carl E. Walsh & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series (ed.),Monetary Policy under Uncertainty and Learning, edition 1, volume 13, chapter 2, pages 027-076,
Central Bank of Chile.
- Evans, George W. & Honkapohja, Seppo, 2007. "Expectations, learning and monetary policy : an overview of recent research," Research Discussion Papers 32/2007, Bank of Finland.
- George W. Evans & Seppo Honkapohja, 2008. "Expectations, Learning and Monetary Policy: An Overview of Recent Research," CDMA Working Paper Series 200802, Centre for Dynamic Macroeconomic Analysis.
- George W. Evans & Seppo Honkapohja, 2008. "Expectations, Learning, And Monetary Policy: An Overview Of Recent Research," Working Papers Central Bank of Chile 501, Central Bank of Chile.
- Evans, George & Honkapohja, Seppo, 2008. "Expectations, Learning and Monetary Policy: An Overview of Recent Research," SIRE Discussion Papers 2008-03, Scottish Institute for Research in Economics (SIRE).
- 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.
- Yasufumi Gemma & Takushi Kurozumi & Mototsugu Shintani, 2017. "Trend Inflation and Evolving Inflation Dynamics: A Bayesian GMM Analysis of the Generalized New Keynesian Phillips Curve," IMES Discussion Paper Series 17-E-10, Institute for Monetary and Economic Studies, Bank of Japan.
- Chen, Xiaoshan & Kirsanova, Tatiana & Leith, Campbell, 2017. "An empirical assessment of Optimal Monetary Policy in the Euro area," European Economic Review, Elsevier, vol. 100(C), pages 95-115.
- Heinrichs, Katrin & Wagner, Helmut, 2019. "Positive trend inflation and the Phillips curve – A tale of two slopes and various impulse responses," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 283-307.
- Michau, Jean-Baptiste, 2019.
"Monetary and fiscal policy in a liquidity trap with inflation persistence,"
Journal of Economic Dynamics and Control, Elsevier, vol. 100(C), pages 1-28.
- Jean-Baptiste Michau, 2014. "Monetary and Fiscal Policy in a Liquidity Trap with Inflation Persistence," Working Papers hal-01089192, HAL.
- Ngo, Phuong V., 2014. "Optimal discretionary monetary policy in a micro-founded model with a zero lower bound on nominal interest rate," Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 44-65.
- Molnár, Krisztina & Santoro, Sergio, 2014.
"Optimal monetary policy when agents are learning,"
European Economic Review, Elsevier, vol. 66(C), pages 39-62.
- Krisztina Molnar & Sergio Santoro, 2006. "Optimal Monetary Policy when Agents are Learning," Computing in Economics and Finance 2006 40, Society for Computational Economics.
- Krisztina Molnár & Sergio Santoro, 2010. "Optimal Monetary Policy When Agents Are Learning," Working Paper 2010/08, Norges Bank.
- Krisztina Molnár & Sergio Santoro, 2010. "Optimal Monetary Policy when Agents are Learning," CESifo Working Paper Series 3072, CESifo.
- Krisztina Molnar & Sergio Santoro, 2008. "Optimal Monetary Policy When Agents Are Learning," 2008 Meeting Papers 679, Society for Economic Dynamics.
- Robert Barsky & Christoph E. Boehm & Christopher L. House & Miles Kimball, 2016.
"Monetary Policy and Durable Goods,"
Working Paper Series
WP-2016-18, Federal Reserve Bank of Chicago.
- Miles Kimball & Christopher House & Christoph Boehm & Robert Barsky, 2016. "Monetary Policy and Durable Goods," 2016 Meeting Papers 745, Society for Economic Dynamics.
- robert barsky & Christoph Boehm & Christopher House & Miles Kimball, 2019. "Monetary Policy and Durable Goods," 2019 Meeting Papers 264, Society for Economic Dynamics.
- William A. Branch & George W. Evans, 2017. "Unstable Inflation Targets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(4), pages 767-806, June.
- Ikeda, Daisuke, 2015. "Optimal inflation rates with the trending relative price of investment," Journal of Economic Dynamics and Control, Elsevier, vol. 56(C), pages 20-33.
- Lance Kent, 2015. "Relaxing Rational Expectations," Working Papers 159, Department of Economics, College of William and Mary.
- Gregor Bäurle & Daniel Kaufmann, 2014. "Exchange rate and price dynamics in a small open economy - the role of the zero lower bound and monetary policy regimes," Working Papers 2014-10, Swiss National Bank.
More about this item
Keywords
Inflation (Finance); Rational expectations (Economic theory); Monetary policy; Interest rates;All these keywords.
JEL classification:
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MAC-2012-03-21 (Macroeconomics)
- NEP-MON-2012-03-21 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fednsr:547. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (). General contact details of provider: http://edirc.repec.org/data/frbnyus.html .
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.