Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211907 
Year of Publication: 
2002
Series/Report no.: 
Bank of Finland Discussion Papers No. 3/2002
Publisher: 
Bank of Finland, Helsinki
Abstract: 
Recent models of monetary policy have analysed the desirability of different optimal and ad hoc interest-rate rules under the restrictive assumption that forecasts of the private sector and central bank are homogeneous.In this paper, we study from a learning perspective the implications of heterogeneity across forecasts by the central bank and private agents for the performance of interest-rate rules.
Subjects: 
adaptive learning
stability
heterogeneity
monetary policy
JEL: 
E52
E31
D84
Persistent Identifier of the first edition: 
ISBN: 
951-686-767-7
Document Type: 
Working Paper

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