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dc.contributor.authorTesfaselassie, Mewael F.en_US
dc.date.accessioned2008-09-09en_US
dc.date.accessioned2009-04-09T07:48:03Z-
dc.date.available2009-04-09T07:48:03Z-
dc.date.issued2008en_US
dc.identifier.citationKiel working paper 1444 Kiel Inst. for the World Economy, Kielen_US
dc.identifier.urihttp://hdl.handle.net/10419/24839-
dc.description.abstractWe analyze optimal monetary policy when a central bank has to learn about an unknown coefficient that determines the effect of surprise inflation on aggregate demand. We derive the optimal policy under active learning and compare it to two limiting cases-certainty equivalence policy and cautionary policy, in which learning takes place passively. Our novel result is that the two passive learning policies represent an upper and lower bound for the active learning policy, irrespective of the state of the economy.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel working paper 1444en_US
dc.subject.jelC02en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordParameter uncertaintyen_US
dc.subject.keywordlearningen_US
dc.subject.keywordmonetary policyen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwKontrolltheorieen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwInflationen_US
dc.subject.stwLernprozessen_US
dc.subject.stwTheorieen_US
dc.titleCentral bank learning and monetary policyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn57725216Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Kieler Arbeitspapiere, IfW
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