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Are non-fundamental equilibria learnable in models of monetary policy? [An article from: Journal of Monetary Economics]
Book Details
Author(s)
S. Honkapohja, K. Mitra
Publisher
Elsevier
ISBN / ASIN
B000RR14RE
ISBN-13
978B000RR14R5
Availability
Available for download now
Marketplace
United States 🇺🇸
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Description
This digital document is a journal article from Journal of Monetary Economics, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
Recent models of monetary policy can have indeterminacy of equilibria, which is often viewed as a difficulty of these models. We consider the significance of indeterminacy using the learning approach to expectations formation. We employ expectational stability as a selection criterion for different equilibria and derive the expectational stability and instability conditions for forward-looking multivariate models, both without and with lags. The results are applied to several monetary policies.
Description:
Recent models of monetary policy can have indeterminacy of equilibria, which is often viewed as a difficulty of these models. We consider the significance of indeterminacy using the learning approach to expectations formation. We employ expectational stability as a selection criterion for different equilibria and derive the expectational stability and instability conditions for forward-looking multivariate models, both without and with lags. The results are applied to several monetary policies.
