THE EXACT THEORETICAL RATIONAL EXPECTATIONS MONETARY AGGREGATE
نویسندگان
چکیده
منابع مشابه
Monetary Policy during a Transition to Rational Expectations
In standard macroeconomic models incorporating the natural rate hypothesis and rational expectations, monetary policy has no effect on real variables. But the rational expectations assumption that economic agents have learned from their mistaken predictions of the past ignores the transition period during which new information is combined with old information in the formation of new beliefs. Th...
متن کاملStabilizing Powers of Monetary Policy under Rational Expectations
The potential of monetary policy to stabilize fluctuations in output and employment is demonstrated in a stochastic rational expectations model in which firms choose, considering average profitability, to set prices in advance of the period when they apply to goods sold. This lead time in pricing decisions increases the fluctuations of output about the normal employment level. But proper use of...
متن کاملRobustly Optimal Monetary Policy with Near-Rational Expectations
The paper considers optimal monetary stabilization policy in a forwardlooking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy...
متن کاملThe CAPM - Extended Divisia Monetary Aggregate with Exact Tracking under Risk
"The economic statistics that the government issues every week should come with a warning sticker: User beware. In the midst of the greatest information explosion in history, the government is pumping out a stream of statistics that are nothing but myths and misinformation."
متن کاملExpectation Formation and Monetary Dsge Models: beyond the Rational Expectations Paradigm
Empirical work in macroeconomics almost universally relies on the hypothesis of rational expectations. This paper departs from the literature by considering a variety of alternative expectations formation models. We study the econometric properties of a popular New Keynesian monetary DSGE model under different expectational assumptions: the benchmark case of rational expectations, rational expe...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 2000
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100500015030