Optimal Monetary Policy Rules: The Problem of Stability under Heterogeneous Learning
We test these monetary policy rules in the general setup of New Keynesian model that is a working horse of monetary policy models today. It is of interest to see that the results obtained by Evans and Honkapohja (2003) for homogeneous learning case are replicated for the case when the representative agent hypothesis is lifted.
|Date of creation:||2007|
|Date of revision:|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
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