Tchaidze, Robert R. (contributor) - 2002 - [Elektronische Ressource]
direction assumes that monetary policy is forward-looking in
the sense that it aims at the public’s expectations, which in turn …, develop a model where fundamentals are driven both by inertia and expectations,
but where the optimal rule is nevertheless lag … expectations, even if these expectations are not
driven by fundamentals.
Thus, these two types of forward-looking models are not …