کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099862 | 1377046 | 2005 | 32 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Monetary policy, indeterminacy and learning
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Monetary policy, indeterminacy and learning Monetary policy, indeterminacy and learning](/preview/png/5099862.png)
چکیده انگلیسی
Forward-looking monetary models with Taylor-type interest rate rules are known to generate indeterminacies, with a potential dependence on extraneous 'sunspots,' for some structural and policy parameters. We investigate the stability of these solutions under adaptive learning, focusing on 'common factor' or 'resonance frequency' representations in which the observed sunspot has a suitable time-series structure. We consider specifications incorporating both lagged and expected inflation in the Phillips Curve, and both expected and inertial elements in the policy rule. We find that some policy rules can indeed lead to learnable sunspot solutions and we investigate the conditions under which this phenomenon arises.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 29, Issue 11, November 2005, Pages 1809-1840
Journal: Journal of Economic Dynamics and Control - Volume 29, Issue 11, November 2005, Pages 1809-1840
نویسندگان
George W. Evans, Bruce McGough,