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We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains without triggering an abrupt loss of...
Persistent link: https://www.econbiz.de/10011155373
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Persistent link: https://www.econbiz.de/10011377669
We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains without triggering an abrupt loss of...
Persistent link: https://www.econbiz.de/10013028904