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Titel (übersetzt): 
Expectations stability when the Central Bank learns from its self-referenced forecasts
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] Estudios de Economía [ISSN:] 0718-5286 [Volume:] 52 [Issue:] 1 [Year:] 2025 [Pages:] 97-132
Verlag: 
Universidad de Chile, Departamento de Economía, Santiago de Chile
Zusammenfassung (übersetzt): 
In adaptive learning literature it has been argued that the intensity of a Central Bank's (CB) interest rate response to expected inflation must be more than proportional. This article provides reassurance to the CB to some extent, showing that if it learns in a more sophisticated way than with adaptive learning, the policy response does not have to be as strong. Particularly, it proposes self-referenced learning for the CB to consider that its own expectations affect inflation itself. This is highly realistic because CBs dedicate resources to generating expectations for economic variables.
Schlagwörter: 
Adaptive learning
expectational stability
Taylor principle
self-referenced learning
JEL: 
E52
D84
Creative-Commons-Lizenz: 
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Dokumentart: 
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