Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/25428 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorOrphanides, Athanasiosen
dc.contributor.authorWilliams, John C.en
dc.date.accessioned2006-07-31-
dc.date.accessioned2009-07-24T13:47:18Z-
dc.date.available2009-07-24T13:47:18Z-
dc.date.issued2003-
dc.identifier.piurn:nbn:de:hebis:30-10458en
dc.identifier.urihttp://hdl.handle.net/10419/25428-
dc.description.abstractThis paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive learning technology to form expectations and to update continuously their beliefs regarding the dynamic structure of the economy based on incoming data. The process of perpetual learning introduces an additional layer of dynamic interaction between monetary policy and economic outcomes. We find that policies that would be efficient under rational expectations can perform poorly when knowledge is imperfect. In particular, policies that fail to maintain tight control over inflation are prone to episodes in which the public's expectations of inflation become uncoupled from the policy objective and stagflation results, in a pattern similar to that experienced in the United States during the 1970s. Our results highlight the value of effective communication of a central bank's inflation objective and of continued vigilance against inflation in anchoring inflation expectations and fostering macroeconomic stability.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2003/40en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordImperfect Knowledgeen
dc.subject.keywordInflation Expectationsen
dc.subject.keywordMonetary Policyen
dc.subject.stwInflationserwartungen
dc.subject.stwGeldpolitiken
dc.subject.stwLernprozessen
dc.subject.stwInflation Targetingen
dc.subject.stwUnvollkommene Informationen
dc.subject.stwRationale Erwartungen
dc.subject.stwTheorieen
dc.titleImperfect knowledge, inflation expectations, and monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn515125008en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200340en

Datei(en):
Datei
Größe
726.87 kB





Publikationen in EconStor sind urheberrechtlich geschützt.