Interest rate pass-through, monetary policy rules and macroeconomic stability
نویسندگان
چکیده
منابع مشابه
Learning, monetary policy rules, and macroeconomic stability
Several papers have documented a regime switch in US monetary policy from ‘passive’ and destabilizing in the pre-1979 period to ‘active’ and stabilizing afterwards. These studies typically work with DSGE models with rational expectations. This paper relaxes the assumption of rational expectations and allows for learning instead. Economic agents form expectations from simple models and update th...
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2010
ISSN: 0261-5606
DOI: 10.1016/j.jimonfin.2009.06.010