Autore
Marzioni, StefanoTitolo
Learning and Signals under Discretionary Monetary PolicyPeriodico
Economic notesAnno:
2014 - Volume:
43 - Fascicolo:
3 - Pagina iniziale:
211 - Pagina finale:
231This paper aims at assessing the relevance of communicating central bank's forecasts to the private sector under discretionary monetary policy. In a New Keynesian environment, the central bank and the private sector have different information sets. The private sector uses the central bank's expectations as a signal in order to update its priors, which are constituted by standard adaptive learning expectations. E-stability is positively affected by a high correlation between actual inflation and the signal about inflation. Numerical simulations show that the presence of signals is beneficial both in the long and in the short run.
SICI: 0391-5026(2014)43:3<211:LASUDM>2.0.ZU;2-Q
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