Learning and the central bank

• 成果类型: Article
• 署名作者: Carlstrom, CT; Fuerst, TS
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Ohio; Bowling Green State University
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2003.05.003
• 发表日期: 2004
• 页码: 327-338
• 关键词: real indeterminacy; monetary models; E-stability

摘要

It is well known that sunspot equilibria may arise under an interest rate operating procedure in which the central bank varies the nominal rate with movements in future inflation (a forward-looking Taylor rule). This paper demonstrates that these sunspot equilibria may be learnable in the sense of E-stability. (C) 2003 Published by Elsevier B.V.