منابع مشابه
Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations
The recent macroeconomic literature stresses the importance of managing heterogeneous expectations in the formulation of monetary policy. We use a simple frictionless dynamic stochastic general equilibrium (DSGE) model to investigate inflation dynamics under alternative interest rate rules when agents have heterogeneous expectations, and update their beliefs based on past performance, as in Bro...
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This paper examines the rationality of the Australian survey-based expectations, 1and 4-week-ahead $US/$A exchange rate and 2 and 4-week-ahead Australian 90-day bank bill and 10-year bond rates. The actual and expected variables are found to be cointegrated, indicating that the expected future values and the future realizations of the exchange rate and interest rates have long-run equilibrium r...
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متن کاملDiscussion of News and Interest Rate Expectations: A Study of Six Central Banks
While I fi nd the paper interesting, the results provide somewhat of a puzzle. If central bank communication does not affect the predictability of interest rates, why do central banks talk so much? As an example, since 1999 the six members of the Executive Board of Sveriges Riksbank (the central bank of Sweden) gave in combination an average of about 35 speeches per year. On top of that, some s...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 1972
ISSN: 0022-2879
DOI: 10.2307/1991039