The Scandinavian journal of economics, 2006-03, Vol.108 (1), p.15-38
2006
Details
- Autor(en) / Beteiligte
- Titel
- Monetary Policy, Expectations and Commitment
- Ist Teil von
- The Scandinavian journal of economics, 2006-03, Vol.108 (1), p.15-38
- Ort / Verlag
- Oxford, UK, Malden, USA: Blackwell Publishing Ltd/Inc
- Erscheinungsjahr
- 2006
- Link zum Volltext
- Quelle
- EBSCOhost Business Source Ultimate
- Beschreibungen/Notizen
- Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A number of interest-rate reaction functions and instrument rules have been proposed to implement or approximate commitment policy. We assess these rules in terms of whether they lead to a rational expectations equilibrium that is both locally determinate and stable under adaptive learning by private agents. A reaction function that appropriately depends explicitly on private sector expectations performs particularly well on both counts.
- Sprache
- Englisch
- Identifikatoren
- ISSN: 0347-0520, 1467-9442eISSN: 1467-9442DOI: 10.1111/j.1467-9442.2006.00437.xTitel-ID: cdi_proquest_miscellaneous_36474006
- Format
- –
- Schlagworte
- Adaptive learning, Central bank independence, Commitment, D84, Determinacy, E31, E52, Economic agents, Economic commitments, Economic equilibrium, Economic expectations, Economic forecasting, Economic models, Economic policy, Economic theory, Interest rates, interest-rate rule, Learning, Mathematical economics, Monetary policy, Optimal policy, Rational expectations, stability, Studies, Taylor rule, Transparency