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DublinCore-FeldWertSprache
dc.contributor.authorTesfaselassie, Mewael F.en
dc.contributor.authorSchaling, Ericen
dc.contributor.authorEijffinger, Sylvester C. W.en
dc.date.accessioned2009-01-28T14:15:12Z-
dc.date.available2009-01-28T14:15:12Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/3918-
dc.description.abstractIn this paper we incorporate the term structure of interest rates in a standard inflation forecast targeting framework. We find that under flexible inflation targeting and uncertainty in the degree of persistence in the economy, allowing for active learning possibilities has effects on the optimal interest rate rule followed by the central bank. For a wide range of possible initial beliefs about the unknown parameter, the dynamically optimal rule is in general more activist, in the sense of responding aggressively to the state of the economy, than the myopic rule for small to moderate deviations of the state variable from its target. On the other hand, for large deviations, the optimal policy is less activist than the myopic and the certainty equivalence policies.en
dc.language.isoengen
dc.publisher|aCentre for Economic Policy Research (CEPR) |cLondonen
dc.relation.ispartofseries|aCEPR Discussion Paper Series |x5896en
dc.subject.jelC53en
dc.subject.jelE43en
dc.subject.jelE52en
dc.subject.jelF33en
dc.subject.ddc330en
dc.subject.stwInflation Targetingen
dc.subject.stwZinsstrukturen
dc.subject.stwRationale Erwartungen
dc.subject.stwLernenen
dc.subject.stwGeldpolitiken
dc.subject.stwTheorieen
dc.titleLearning about term structure and optimal rules for inflation targeting-
dc.typeWorking Paperen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.printppn520500644en

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