Expectations and the Stability Problem for Optimal Monetary Policies.
A fundamentals based monetary policy rule, which would be the optimal monetary policy without commitment when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive learning rules. This problem can be overcome if private expectations are obs...
| Publicado en: | Review of Economic Studies Vol. 70; no. 4; pp. 807 - 825 |
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| Autores principales: | , |
| Formato: | Artículo |
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Oxford University Press / UK
October 2003
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| Acceso en línea: | Ver este registro en EBSCOhost |