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Monetary Policy Analysis when Planning Horizons are Finite

Citations

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Cited by:

  1. Lustenhouwer, Joep, 2020. "Fiscal Stimulus In Expectations-Driven Liquidity Traps," Working Papers 0683, University of Heidelberg, Department of Economics.
  2. Morris, Stephen D., 2020. "Is the Taylor principle still valid when rates are low?," Journal of Macroeconomics, Elsevier, vol. 64(C).
  3. Bianchi-Vimercati, Riccardo & Eichenbaum, Martin & Guerreiro, Joao, 2024. "Fiscal stimulus with imperfect expectations: Spending vs. tax policy," Journal of Economic Theory, Elsevier, vol. 217(C).
  4. Minooei Fard, Behnaz & Di Bartolomeo, Giovanni & Semmler, Willi, 2026. "A global asymmetric duopoly game of relatively scarce resources," Macroeconomic Dynamics, Cambridge University Press, vol. 30, pages 1-1, January.
  5. Olivier Coibion & Yuriy Gorodnichenko & Michael Weber, 2022. "Does Policy Communication during COVID Work?," International Journal of Central Banking, International Journal of Central Banking, vol. 18(1), pages 3-39, March.
  6. Christopher J. Gust & Edward P. Herbst & J. David López-Salido, 2024. "Inflation Expectations with Finite Horizon Planning," Finance and Economics Discussion Series 2024-063, Board of Governors of the Federal Reserve System (U.S.).
  7. Karel Musil & Stanislav Tvrz & Jan Vlcek, 2021. "News versus Surprise in Structural Forecasting Models: Central Bankers' Practical Perspective," Research and Policy Notes 2021/02, Czech National Bank, Research and Statistics Department.
  8. Masciandaro, Donato & Russo, Riccardo, 2024. "Monetary and macroprudential policies: How to Be green? A political-economy approach," Economic Modelling, Elsevier, vol. 141(C).
  9. Chatterjee, Pratiti & Milani, Fabio, 2020. "Perceived uncertainty shocks, excess optimism-pessimism, and learning in the business cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 179(C), pages 342-360.
  10. Chen, Pu & Semmler, Willi & Maurer, Helmut, 2025. "Delayed Monetary Policy Effects in a Multi-Regime Cointegrated VAR(MRCIVAR)," Econometrics and Statistics, Elsevier, vol. 33(C), pages 105-134.
  11. Olivier Blanchard, 2025. "Convergence? Thoughts About the Evolution of Mainstream Macroeconomics over the Last 40 Years," NBER Chapters, in: NBER Macroeconomics Annual 2025, volume 40, National Bureau of Economic Research, Inc.
  12. Calvert Jump, Robert & Hommes, Cars & Levine, Paul, 2019. "Learning, heterogeneity, and complexity in the New Keynesian model," Journal of Economic Behavior & Organization, Elsevier, vol. 166(C), pages 446-470.
  13. Lepetit, Antoine & Fuentes-Albero, Cristina, 2022. "The limited power of monetary policy in a pandemic," European Economic Review, Elsevier, vol. 147(C).
  14. Gáti, Laura, 2023. "Monetary policy & anchored expectations—An endogenous gain learning model," Journal of Monetary Economics, Elsevier, vol. 140(S), pages 37-47.
  15. Francesco D'Acunto & Daniel Hoang & Maritta Paloviita & Michael Weber, 2019. "Human Frictions to the Transmission of Economic Policy," 2019 Meeting Papers 339, Society for Economic Dynamics.
  16. Kukacka, Jiri & Sacht, Stephen, 2023. "Estimation of heuristic switching in behavioral macroeconomic models," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
  17. Elton Beqiraj & Giovanni Di Bartolomeo & Marco Di Pietro & Carolina Serpieri, 2020. "Bounded rationality and heterogeneous expectations: Euler versus anticipated-utility approach," Journal of Economics, Springer, vol. 130(3), pages 249-273, August.
  18. Francesco D’Acunto & Daniel Hoang & Michael Weber, 2022. "Managing Households’ Expectations with Unconventional Policies," The Review of Financial Studies, Society for Financial Studies, vol. 35(4), pages 1597-1642.
  19. Martin Bodenstein & James Hebden & Fabian Winkler, 2019. "Learning and Misperception: Implications for Price-Level Targeting," Finance and Economics Discussion Series 2019-078, Board of Governors of the Federal Reserve System (U.S.).
  20. Enrico Saltari & Willi Semmler & Giovanni Di Bartolomeo, 2022. "A Nash Equilibrium for Differential Games with Moving-Horizon Strategies," Computational Economics, Springer;Society for Computational Economics, vol. 60(3), pages 1041-1054, October.
  21. Christopher J. Gust & J. David López-Salido, 2024. "Optimal Monetary Policy with Uncertain Private Sector Foresight," Finance and Economics Discussion Series 2024-059, Board of Governors of the Federal Reserve System (U.S.).
  22. Tom D. Holden, 2024. "Robust Real Rate Rules," Econometrica, Econometric Society, vol. 92(5), pages 1521-1551, September.
  23. D'Acunto, Francesco & Hoang, Daniel & Paloviita, Maritta & Weber, Michael, 2023. "Cognitive constraints and economic incentives," Bank of Finland Research Discussion Papers 9/2023, Bank of Finland.
  24. Weale, Martin & Wieladek, Tomasz, 2025. "What are the macroeconomic effects of state-dependent forward guidance?," Journal of Economic Dynamics and Control, Elsevier, vol. 178(C).
  25. Francesco D'Acunto & Daniel Hoang & Maritta Paloviita & Michael Weber, 2020. "Effective Policy Communication: Targets versus Instruments," Working Papers 2020-148, Becker Friedman Institute for Research In Economics.
  26. Michael Weber & Francesco D'Acunto & Yuriy Gorodnichenko & Olivier Coibion, 2022. "The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications," Journal of Economic Perspectives, American Economic Association, vol. 36(3), pages 157-184, Summer.
  27. Stéphane Dupraz & Hervé Le Bihan & Julien Matheron, 2022. "Make-up Strategies with Finite Planning Horizons but Forward-Looking Asset Prices," Working Papers 2218, Banco de España.
  28. Lustenhouwer, Joep, 2020. "Fiscal stimulus in expectations-driven liquidity traps," Journal of Economic Behavior & Organization, Elsevier, vol. 177(C), pages 661-687.
  29. Chen, Pu & Semmler, Willi, 2024. "Wage – price dynamics and financial market in a disequilibrium macro model: A Keynes – Kaldor – Minsky modeling of recession and inflation using VECM," Journal of Economic Behavior & Organization, Elsevier, vol. 220(C), pages 433-452.
  30. Mauersberger, Felix & Nagel, Rosemarie & Bühren, Christoph, 2020. "Bounded rationality in Keynesian beauty contests: A lesson for central bankers?," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, vol. 14, pages 1-38.
  31. George‐Marios Angeletos & Chen Lian & Christian K. Wolf, 2024. "Can Deficits Finance Themselves?," Econometrica, Econometric Society, vol. 92(5), pages 1351-1390, September.
  32. Lustenhouwer, Joep & Salle, Isabelle, 2025. "Learning to be rational in the presence of news: A lab investigation," European Economic Review, Elsevier, vol. 172(C).
  33. Na, Seunghoon & Yoo, Donghoon, 2025. "Overreaction and macroeconomic fluctuation of the external balance," Journal of Monetary Economics, Elsevier, vol. 151(C).
  34. Joep Lustenhouwer & Kostas Mavromatis, 2025. "The Effects of Fiscal Policy When Planning Horizons are Finite," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(2-3), pages 549-582, March.
  35. Lian, Chen, 2022. "Comments on “Fiscal and monetary stabilization policy at the zero lower bound: Consequences of limited foresight” by Woodford and Xie," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 36-39.
  36. Semmler, Willi & Toure, Marieme, 2024. "Financial fragility, regime change, and monetary policy in an open economy – A model and empirical application to emerging market countries," International Economics, Elsevier, vol. 179(C).
  37. Gurrola Luna, Alejandro & McKnight, Stephen, 2026. "Bounded rationality and macroeconomic (in)stability," Economic Modelling, Elsevier, vol. 155(C).
  38. Giovanni Dosi & Andrea Roventini, 2019. "More is different ... and complex! the case for agent-based macroeconomics," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 1-37, March.
  39. Dobrew, Michael & Gerke, Rafael & Giesen, Sebastian & Röttger, Joost, 2025. "Make-up strategies with incomplete markets and bounded rationality," European Economic Review, Elsevier, vol. 173(C).
  40. Brzoza-Brzezina, Michał & Galiński, Paweł R. & Makarski, Krzysztof, 2025. "Monetary and fiscal policy in a two-country model with behavioral expectations," Journal of International Money and Finance, Elsevier, vol. 155(C).
  41. Francesco D'Acunto & Daniel Hoang & Maritta Paloviita & Michael Weber, 2020. "Effective Policy Communication: Targets versus Instruments," Working Papers 2020-148, Becker Friedman Institute for Research In Economics.
  42. de Groot, Oliver & Mazelis, Falk & Motto, Roberto & Ristiniemi, Annukka, 2021. "A toolkit for computing Constrained Optimal Policy Projections (COPPs)," Working Paper Series 2555, European Central Bank.
  43. Lawrence J. Christiano & Martin S. Eichenbaum & Mathias Trabandt, 2018. "On DSGE Models," Journal of Economic Perspectives, American Economic Association, vol. 32(3), pages 113-140, Summer.
  44. Elizabeth Bersson & Patrick Hürtgen & Matthias Paustian, 2024. "Expectations Formation, Sticky Prices, and the ZLB," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(2-3), pages 365-393, March.
  45. Woodford, Michael & Xie, Yinxi, 2022. "Fiscal and monetary stabilization policy at the zero lower bound: Consequences of limited foresight," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 18-35.
  46. Bachmann, Rüdiger & Born, Benjamin & Goldfayn-Frank, Olga & Kocharakov, Georgi & Luetticke, Ralph & Weber, Michael, 2021. "A Temporary VAT Cut as Unconventional Fiscal Policy," CEPR Discussion Papers 16690, C.E.P.R. Discussion Papers.
  47. Martin Eichenbaum, 2023. "On the limits of rational expectations for policy analysis," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(4), pages 1221-1237, November.
  48. Dupraz, Stéphane & Le Bihan, Hervé & Matheron, Julien, 2024. "Make-up strategies with finite planning horizons but infinitely forward-looking asset prices," Journal of Monetary Economics, Elsevier, vol. 143(C).
  49. Robert J. Tetlow, 2022. "How Large is the Output Cost of Disinflation?," Finance and Economics Discussion Series 2022-079, Board of Governors of the Federal Reserve System (U.S.).
  50. Kolasa, Marcin & Ravgotra, Sahil & Zabczyk, Pawel, 2025. "Monetary policy and exchange rate dynamics in a behavioral open economy model," Journal of International Economics, Elsevier, vol. 155(C).
  51. Janet Hua Jiang & Rupal Kamdar & Kelin Lu & Daniela Puzzello, 2024. "How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms," CAEPR Working Papers 2024-004 Classification-D, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
  52. Faulwasser Timm & Gross Marco & Semmler Willi & Loungani Prakash, 2020. "Unconventional monetary policy in a nonlinear quadratic model," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 24(5), pages 1-19, December.
  53. Gust, Christopher & Herbst, Edward & López-Salido, David, 2025. "Optimal monetary policy with uncertain private sector foresight," Journal of Monetary Economics, Elsevier, vol. 155(C).
  54. Ambrocio, Gene & Haavio, Markus & McClung, Nigel, 2024. "Monetary policy announcements and sacrifice ratios," Bank of Finland Research Discussion Papers 12/2024, Bank of Finland.
  55. Jonas E. Arias & Martin Bodenstein & Hess T. Chung & Thorsten Drautzburg & Andrea Raffo, 2020. "Alternative Strategies: How Do They Work? How Might They Help?," Finance and Economics Discussion Series 2020-068, Board of Governors of the Federal Reserve System (U.S.).
  56. Mauersberger, Felix, 2019. "Thompson Sampling: Endogenously Random Behavior in Games and Markets," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203600, Verein für Socialpolitik / German Economic Association.
  57. Evans, George W. & Hommes, Cars & McGough, Bruce & Salle, Isabelle, 2022. "Are long-horizon expectations (de-)stabilizing? Theory and experiments," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 44-63.
  58. Pooya Molavi, 2019. "Macroeconomics with Learning and Misspecification: A General Theory and Applications," 2019 Meeting Papers 1584, Society for Economic Dynamics.
  59. Meggiorini, Greta, 2023. "Behavioral New Keynesian Models: An empirical assessment," Journal of Macroeconomics, Elsevier, vol. 77(C).
  60. Takashi Kamihigashi & Corrado Di Guilimi, 2026. "The Effects of Training under the Employment Adjustment Subsidy during the COVID-19 Pandemic: Evidence from Japan," Discussion Paper Series DP2026-13, Research Institute for Economics & Business Administration, Kobe University.
  61. Cecion, Martina & Coenen, Günter & Gerke, Rafael & Le Bihan, Hervé & Motto, Roberto & Aguilar, Pablo & Ajevskis, Viktors & Giesen, Sebastian & Albertazzi, Ugo & Gilbert, Niels & Al-Haschimi, Alexander, 2021. "The ECB’s price stability framework: past experience, and current and future challenges," Occasional Paper Series 269, European Central Bank.
  62. Christopher Erceg & Andrea Prestipino & Andrea Raffo, 2018. "The Macroeconomic Effect of Trade Policy," 2018 Meeting Papers 221, Society for Economic Dynamics.
  63. Dobrew, Michael & Gerke, Rafael & Kienzler, Daniel & Schwemmer, Alexander, 2023. "Monetary policy rules under bounded rationality," Discussion Papers 18/2023, Deutsche Bundesbank.
  64. Christopher J. Gust & Arsenios Skaperdas, 2024. "Government Debt, Limited Foresight, and Longer-term Interest Rates," Finance and Economics Discussion Series 2024-027, Board of Governors of the Federal Reserve System (U.S.).
  65. Euiyoung Jung & Chul-In Lee, 2024. "Optimal fiscal policy under finite planning horizons," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 31(6), pages 1550-1583, December.
  66. Coibion, Olivier & Gorodnichenko, Yuriy & Weber, Michael, 2020. "Does Policy Communication during COVID-19 Work?," IZA Discussion Papers 13355, IZA Network @ LISER.
  67. Dobrew, Michael & Gerke, Rafael & Giesen, Sebastian & Röttger, Joost, 2021. "A comparison of monetary policy rules in a HANK model," Technical Papers 02/2021, Deutsche Bundesbank.
  68. Szabolcs Deak & Paul Levine & Afrasiab Mirza & Son Pham, 2023. "Negotiating the Wilderness of Bounded Rationality through Robust Policy," School of Economics Discussion Papers 0223, School of Economics, University of Surrey.
  69. Francesco D'Acunto & Daniel Hoang & Maritta Paloviita & Michael Weber, 2019. "Human Frictions to the Transmission of Economic Policy," 2019 Meeting Papers 339, Society for Economic Dynamics.
  70. Na, Seunghoon & Xie, Yinxi, 2025. "Expectations and the UIP puzzles when foresight is limited," Journal of International Economics, Elsevier, vol. 158(C).
  71. Diba, Behzad & Loisel, Olivier, 2021. "Pegging the interest rate on bank reserves: A resolution of New Keynesian puzzles and paradoxes," Journal of Monetary Economics, Elsevier, vol. 118(C), pages 230-244.
  72. Francisco E. Ilabaca & Greta Meggiorini, 2023. "Trend Inflation Under Bounded Rationality," Working Papers 23-09, Office of Financial Research, US Department of the Treasury.
  73. Mariana García-Schmidt & Michael Woodford, 2019. "Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis," American Economic Review, American Economic Association, vol. 109(1), pages 86-120, January.
  74. Mohammad Sahabuddin & Ferdowsy Begum & Md. Abu Hamjalal Bubu & Md. Shemul Sheikh & Yasmin Jamadar, 2025. "Leveraging artificial intelligence for enhanced central banking regulation in emerging economies: A bibliometric analysis," SN Business & Economics, Springer, vol. 5(12), pages 1-30, December.
  75. Olivier Coibion & Dimitris Georgarakos & Yuriy Gorodnichenko & Michael Weber, 2023. "Forward Guidance and Household Expectations," Journal of the European Economic Association, European Economic Association, vol. 21(5), pages 2131-2171.
  76. Iovino, Luigi & La’O, Jennifer & Mascarenhas, Rui, 2022. "Optimal monetary policy and disclosure with an informationally-constrained central banker," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 151-172.
  77. Lucio Gobbi & Ronny Mazzocchi & Roberto Tamborini, 2022. "Monetary policy, rational confidence, and Neo‐Fisherian depressions," Metroeconomica, Wiley Blackwell, vol. 73(4), pages 1179-1199, November.
  78. Alessandro Ferrari & Valerio Nispi Landi, 2025. "Correction: Will the Green Transition be Inflationary? Expectations Matter," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 73(4), pages 1429-1429, December.
  79. Evans, David & Li, Jungang & McGough, Bruce, 2023. "Local rationality," Journal of Economic Behavior & Organization, Elsevier, vol. 205(C), pages 216-236.
  80. Donald Coletti, 2023. "A Blueprint for the Fourth Generation of Bank of Canada Projection and Policy Analysis Models," Discussion Papers 2023-23, Bank of Canada.
  81. Airaudo, Marco, 2025. "Temptation-driven preferences: A resolution to New Keynesian anomalies," European Economic Review, Elsevier, vol. 172(C).
  82. Jump, Robert Calvert & Levine, Paul, 2019. "Behavioural New Keynesian models," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 59-77.
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