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http://hdl.handle.net/10419/53150
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| Title: | | Trend growth and learning about monetary policy rules  |
| Authors: | | Tesfaselassie, Mewael |
| Issue Date: | | 2011 |
| Series/Report no.: | | Kiel Working Papers 1744 |
| Abstract: | | The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under alternative monetary policy rules. It shows that under a policy rule that responds to current period inflation and the output gap a higher trend growth rate relaxes the conditions for determinacy and learnability. Results are mixed for other policy rules. Under the expectations-based rule, trend growth reduces the scope for determinacy but it relaxes the conditions for learnability. Under the lagged-data-based rule rule trend growth reduces the scope for determinacy and learnability. |
| Subjects: | | trend growth learning monetary policy determinacy expectational stability |
| JEL: | | E4 E5 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des IfW Economists Online Kieler Arbeitspapiere, IfW
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