Autore: Marzioni, Stefano
Titolo: Learning and Signals under Discretionary Monetary Policy
Periodico: Economic notes
Anno: 2014 - Volume: 43 - Fascicolo: 3 - Pagina iniziale: 211 - Pagina finale: 231

This 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.


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SICI: 0391-5026(2014)43:3<211:LASUDM>2.0.ZU;2-Q

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