Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152561
Authors: 
Honkapohja, Seppo
Mitra, Kaushik
Year of Publication: 
2002
Series/Report no.: 
ECB Working Paper 127
Abstract: 
Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. In this paper, we study the implications of heterogeneity in forecasts of the central bank and private agents for the performance of interest rules from the learning viewpoint.
Subjects: 
Adaptive learning
heterogeneity
monetary policy
stability
JEL: 
E52
E31
D84
Document Type: 
Working Paper

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