Performance of monetary policy with internal central bank forecasting

Kaushik Mitra; S Honkapohja

doi:10.1016/j.jedc.2003.07.006

Performance of monetary policy with internal central bank forecasting

Kaushik Mitra, S Honkapohja

Research output: Contribution to journal › Article › peer-review

Abstract

Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogeneous. 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. (c) 2004 Elsevier B.V. All rights reserved.

Original language	English
Pages (from-to)	627-658
Number of pages	32
Journal	Journal of Economic Dynamics and Control
Volume	29
Issue number	4
DOIs	https://doi.org/10.1016/j.jedc.2003.07.006
Publication status	Published - Apr 2005

Keywords

adaptive learning
stability
heterogeneity
monetary policy
INFLATION
RULES
EQUILIBRIA
STABILITY
CONVERGENCE
MODELS

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10.1016/j.jedc.2003.07.006

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abstract = "Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogeneous. 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. (c) 2004 Elsevier B.V. All rights reserved.",

keywords = "adaptive learning, stability, heterogeneity, monetary policy, INFLATION, RULES, EQUILIBRIA, STABILITY, CONVERGENCE, MODELS",

author = "Kaushik Mitra and S Honkapohja",

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AB - Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogeneous. 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. (c) 2004 Elsevier B.V. All rights reserved.

KW - adaptive learning

KW - stability

KW - heterogeneity

KW - monetary policy

KW - INFLATION

KW - RULES

KW - EQUILIBRIA

KW - STABILITY

KW - CONVERGENCE

KW - MODELS

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JO - Journal of Economic Dynamics and Control

JF - Journal of Economic Dynamics and Control

IS - 4

ER -

Performance of monetary policy with internal central bank forecasting

Abstract

Keywords

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