Are non-fundamental equilibria learnable in models of monetary policy?
In: Discussion paper series 2846
In: International macroeconomics
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In: Discussion paper series 2846
In: International macroeconomics
In: Journal of monetary economics, Band 116, S. 88-103
In: Bank of Finland Research Discussion Paper No. 5/2018
SSRN
In: Journal of Monetary Economics, Band 79, S. 67-80
In: The Manchester School, Band 83, Heft S2, S. 27-59
ISSN: 1467-9957
We examine global dynamics under learning in New Keynesian models with price‐level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. Properties of transparent and nontransparent regimes are compared with each other and to the corresponding cases of inflation targeting. Robustness properties for different regimes are examined in terms of the domain of attraction of the targeted steady state and volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational shocks for the performance of these policy regimes.
In: Bank of Finland Research Discussion Paper No. 4/2014
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Working paper
In: Journal of economic dynamics & control, Band 29, Heft 11, S. 1867-1892
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 29, Heft 4, S. 627-658
ISSN: 0165-1889
In: Journal of Monetary Economics, Band 51, Heft 8, S. 1743-1770
In: Journal of economic dynamics & control, Band 27, Heft 8, S. 1437-1457
ISSN: 0165-1889
In: Journal of Monetary Economics, Band 49, Heft 6, S. 1105-1129
In: Bank of Finland Research Discussion Paper No. 3/2002
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Working paper
In: CEPR Discussion Paper No. DP15171
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In: Bank of Finland Research Discussion Paper No. 25/2016
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In: CEPR Discussion Paper No. DP11428
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