Learning about monetary policy rules

• 成果类型: Article; Proceedings Paper
• 署名作者: Bullard, J; Mitra, K
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of London; Royal Holloway University London
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(02)00144-7
• 发表日期: 2002
• 页码: 1105-1129
• 关键词: Learning; Monetary policy rules; expectational stability; optimal monetary policy

摘要

We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. We use stability under recursive learning a la Evans and Honkapohja (Learning and Expectations in Macroeconomics, Princeton University Press, Princeton, New Jersey, 2001) as a criterion for evaluating monetary policy rules in this context. We find that considering learning can alter the evaluation of alternative policy rules. (C) 2002 Elsevier Science B.V. All rights reserved.