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Macroeconomic and monetary policies from the "eductive" viewpoint

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Listed author(s):
  • Roger Guesnerie

    (CDF - Collège de France - Collège de France, PSE - Paris School of Economics, PSE - Paris-Jourdan Sciences Economiques - ENS Paris - École normale supérieure - Paris - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique)

Abstract

The "eductive" viewpoint provides a theoretically sophisticated analysis as well as an intuitively plausible shortcut to the study of expectational coordination in economic models. From the review of expectational criteria in a class of dynamical models of macroeconomic theory, the paper shows how such an "eductive" viewpoint completes and deepens rather than contradicts standard analysis. It however argues that the "eductive" approach, when correctly implemented, challenges the conditions of learning in infinite-horizon models with infinitely-lived agents. In particular, in a simple monetary model adopting such a framework, Taylor rules may be stabilizing, in the demanding sense under scrutiny, but only within a small window for the reaction coefficient.

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Paper provided by HAL in its series PSE Working Papers with number halshs-00586749.

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Date of creation: Jan 2008
Handle: RePEc:hal:psewpa:halshs-00586749
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00586749
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

Keywords: expectational coordination; dynamical models; infinitely lived agents; cashless economy; inflation; adaptive and "eductive" learning; Taylor rules; central banks;

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  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, 03.
  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. 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.
  8. John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1, June.
  9. Gauthier, Stephane, 2002. "Determinacy and Stability under Learning of Rational Expectations Equilibria," Journal of Economic Theory, Elsevier, vol. 102(2), pages 354-374, February.
  10. Gabriel Desgranges, 2000. "CK-Equilibria and Informational Efficiency in a Competitive Economy," Econometric Society World Congress 2000 Contributed Papers 1296, Econometric Society.
  11. 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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