English, Article, Journal or magazine article edition: Optimal Monetary Policy Rules: The Problem of Stability Under Heterogeneous Learning Anna Bogomolova; Dmitri Kolyuzhnov

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/5460
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Optimal Monetary Policy Rules: The Problem of Stability Under Heterogeneous Learning
Author
  • Anna Bogomolova
  • Dmitri Kolyuzhnov
Physical Description
  • preprint
Notes
  • In this paper we extend the analysis of optimal monetary policy rules in terms of stability of an economy, started by Evans and Honkapohja (2003b), to the case of heterogeneous private agents learning. Following Giannitsarou (2003), we pose the question about the applicability of the representative agent hypothesis to learning. This hypothesis was widely used in learning literature at early stages to demonstrate convergence of an economic system under adaptive learning of agents to one of the rational expectations equilibria in the economy. We test these monetary policy rules in the general setup of the New Keynesian model that is a work horse of monetary policy models today. It is of interest to see that the results obtained by Evans and Honkapohja (2003b) for the homogeneous learning case are replicated for the case when the representative agent hypothesis is lifted.
  • Monetary policy rules, new Keynesian model, adaptive learning, stability of equilibrium, heterogeneous agents.
  • RePEc:cer:papers:wp379
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment