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Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1744
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under alternative monetary policy rules. It shows that under a policy rule that responds to current period inflation and the output gap a higher trend growth rate relaxes the conditions for determinacy and learnability. Results are mixed for other policy rules. Under the expectations-based rule, trend growth reduces the scope for determinacy but it relaxes the conditions for learnability. Under the lagged-data-based rule rule trend growth reduces the scope for determinacy and learnability.
Schlagwörter: 
trend growth
learning
monetary policy
determinacy
expectational stability
JEL: 
E4
E5
Dokumentart: 
Working Paper

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