Are non-fundamental equilibria learnable in models of monetary policy?

• 成果类型: Article
• 署名作者: Honkapohja, S; Mitra, K
• 署名单位: University of Cambridge; University of London; Royal Holloway University London
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2004.02.003
• 发表日期: 2004
• 页码: 1743-1770
• 关键词: Adaptive learning; STABILITY; sunspots; monetary policy

摘要

Recent models of monetary policy can have indeterminacy of equilibria. which is often viewed as a difficulty of these models. We consider the significance of indeterminacy using (he learning approach to expectations formation. We employ expeciational stability as a selection criterion for different equilibria and derive the expeciational stability and instability, conditions for forward-looking multivariate models. both without and with lags. The results are applied to several monetary policies. (C) 2004 Elsevier B.V. All rights reserved.