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Expectations, learning and monetary policy: an overview of recent research
The conduct of monetary policy in terms of interest rate or other rules has been extensively studied in recent research. This literature gives a central role to forecasts of future inflation and output, and the question of whether monetary policy should be forward- ooking has been subject to discussion ...
Monetary policy under uncertainty and learning: an overview
Central bank economists and academic economists conducting research on the design of monetary policy have made significant advances in recent years. This work has led to a clearer understanding of the desirable properties of interest rate rules, the role of announcements and communication, and the ...
Robust learning stability with operational monetary policy rules
The recent literature examines the conduct of monetary policy in terms of interest rate rules from the viewpoint of imperfect knowledge and learning by economic agents. The stability of the rational expectations equilibrium is taken as a key desideratum for good monetary policy design. Most of this ...