Monetary policy, indeterminacy and learning

DOI10.1016/j.jedc.2005.06.008zbMath1198.91145OpenAlexW2108228747MaRDI QIDQ956473

George W. Evans, Bruce McGough

Publication date: 25 November 2008

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: http://hdl.handle.net/1794/124

zbMATH Keywords

stabilitylearningexpectationssunspotsmonetary policy

Mathematics Subject Classification ID

Economic time series analysis (91B84) Special types of economic equilibria (91B52) Macroeconomic theory (monetary models, models of taxation) (91B64) Rationality and learning in game theory (91A26)

Related Items (28)

Heterogeneity and learning with complete markets ⋮ Investment, interest rate policy, and equilibrium stability ⋮ Learning in a misspecified multivariate self-referential linear stochastic model ⋮ Learning, monetary policy rules, and macroeconomic stability ⋮ Learning about monetary policy rules when the housing market matters ⋮ Optimal monetary policy under learning and structural uncertainty in a New Keynesian model with a cost channel and inflation inertia ⋮ Financial factors and monetary policy: determinacy and learnability of equilibrium ⋮ Animal spirits and credit cycles ⋮ Optimal fiscal policy under learning ⋮ A New Keynesian model with staggered price and wage setting under learning ⋮ Monetary policy and stable indeterminacy with inertia ⋮ Real-time rational expectations and indeterminacy ⋮ Saddlepath learning ⋮ Learning about monetary policy rules when labor market search and matching frictions matter ⋮ E-stability vis-à-vis determinacy in regime-switching models ⋮ Expectational stability of sunspot equilibria in non-convex economies ⋮ Biased Bayesian learning with an application to the risk-free rate puzzle ⋮ Adaptive learning and distributional dynamics in an incomplete markets model ⋮ Trend inflation, sticky prices, and expectational stability ⋮ ADAPTIVE LEARNING IN REGIME-SWITCHING MODELS ⋮ A New Keynesian model with heterogeneous expectations ⋮ Robustifying learnability ⋮ Dynamic predictor selection in a New Keynesian model with heterogeneous expectations ⋮ INCREASING RETURNS AND THE DESIGN OF INTEREST RATE RULES ⋮ Stable near-rational sunspot equilibria ⋮ LEARNING, COMMITMENT, AND MONETARY POLICY ⋮ IS MORE MEMORY IN EVOLUTIONARY SELECTION (DE)STABILIZING? ⋮ Interactions Between Fiscal and Monetary Authorities in a Three-Country New-Keynesian Model of a Monetary Union

Cites Work

• Expectational stability of stationary sunspot equilibria in a forward-looking linear model
• Stable sunspot solutions in models with predetermined variables
• Performance of monetary policy with internal central bank forecasting
• Real business cycles and the animal spirits hypothesis
• On the local stability of sunspot equilibria under adaptive learning rules
• E-equilibria and adaptive expectations: Output and inflation in the LBS model
• Existence of adaptively stable sunspot equilibria near an indeterminate steady state.
• CONVERGENCE IN MONETARY INFLATION MODELS WITH HETEROGENEOUS LEARNING RULES
• Learning to Believe in Sunspots
• EXPECTATIONS COORDINATION ON A SUNSPOT EQUILIBRIUM: AN EDUCTIVE APPROACH
• COORDINATION ON SADDLE-PATH SOLUTIONS: THE EDUCTIVE VIEWPOINT—LINEAR UNIVARIATE MODELS
• Expectations and the Stability Problem for Optimal Monetary Policies
• Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
• Inflation Persistence

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