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dc.contributor.authorTesfaselassie, Mewael F.en
dc.date.accessioned2008-09-09-
dc.date.accessioned2009-04-09T07:48:03Z-
dc.date.available2009-04-09T07:48:03Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Working Paper |x1444en
dc.subject.jelC02en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordParameter uncertaintyen
dc.subject.keywordlearningen
dc.subject.keywordmonetary policyen
dc.subject.stwGeldpolitiken
dc.subject.stwKontrolltheorieen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwInflationen
dc.subject.stwLernprozessen
dc.subject.stwTheorieen
dc.titleCentral bank learning and monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn57725216Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwkwp:1444en

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