Performance of Monetary Policy with Internal Central Bank Forecasting

Recent models of monetary policy have analyzed the desirability of di?erent optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. This paper studies the implications of heterogeneity in forecasting by the central bank and private agents for the performance of interest rules in a framework of econometric learning.

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Year of publication:	2004-07
Authors:	Mitra, Kaushik ; Honkapohja, Seppo
Institutions:	Department of Economics, Royal Holloway University of London
Subject:	Adaptive learning \| stability \| heterogeneity \| monetary policy

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Extent:	application/pdf
Series:	Royal Holloway, University of London: Discussion Papers in Economics.
Type of publication:	Book / Working Paper
Notes:	Number 04/18 30 pages
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E31 - Price Level; Inflation; Deflation ; D84 - Expectations; Speculations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005784823