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Optimal Monetary Policy Rules: The Problem of Stability under Heterogeneous Learning

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  • Dmitri Kolyuzhnov

    (CERGE-EI, Prague)

  • Anna Bogomolova

    (CERGE-EI, Prague)

Abstract

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.

Suggested Citation

  • Dmitri Kolyuzhnov & Anna Bogomolova, 2007. "Optimal Monetary Policy Rules: The Problem of Stability under Heterogeneous Learning," 2007 Meeting Papers 713, Society for Economic Dynamics.
  • Handle: RePEc:red:sed007:713
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    References listed on IDEAS

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    1. Chryssi Giannitsarou, 2003. "Heterogeneous Learning," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(4), pages 885-906, October.
    2. Bullard, James & Mitra, Kaushik, 2002. "Learning about monetary policy rules," Journal of Monetary Economics, Elsevier, vol. 49(6), pages 1105-1129, September.
    3. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    4. Johnson, Charles R., 1974. "Sufficient conditions for D-stability," Journal of Economic Theory, Elsevier, vol. 9(1), pages 53-62, September.
    5. Carl E. Walsh, 2003. "Monetary Theory and Policy, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232316, January.
    6. Clarida, Richard & Gali, Jordi & Gertler, Mark, 2002. "A simple framework for international monetary policy analysis," Journal of Monetary Economics, Elsevier, vol. 49(5), pages 879-904, July.
    7. Seppo Honkapohja & Kaushik Mitra, 2006. "Learning Stability in Economies with Heterogeneous Agents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(2), pages 284-309, April.
    8. Kenneth Kasa, 2004. "Learning, Large Deviations, And Recurrent Currency Crises," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(1), pages 141-173, February.
    9. Sargent, Thomas J., 1993. "Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288695.
    10. Calvo, Guillermo A., 1983. "Staggered prices in a utility-maximizing framework," Journal of Monetary Economics, Elsevier, vol. 12(3), pages 383-398, September.
    11. Michael Woodford, 1996. "Control of the Public Debt: A Requirement for Price Stability?," NBER Working Papers 5684, National Bureau of Economic Research, Inc.
    12. Anna Bogomolova & Dmitri Kolyuzhnov, 2006. "Sufficient Conditions and Necessary Conditions for delta-stability," Computing in Economics and Finance 2006 312, Society for Computational Economics.
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