|
|||||
|
|
Learning and the central bank |
|
| Authors: | Charles T. Carlstrom Timothy S. Fuerst |
| Affiliation: | a Research Department, Federal Reserve Bank of Cleveland, P.O. Box 6387, Cleveland, OH 44101, USA b Bowling Green State University, Bowling Green, OH 43403, USA |
| Abstract: | It is well known that sunspot equilibria may arise under an interest rate operating procedure in which the central bank varies the nominal rate with movements in future inflation (a forward-looking Taylor rule). This paper demonstrates that these sunspot equilibria may be learnable in the sense of E-stability. |
| Keywords: | E31 E52 |
| 本文献已被 ScienceDirect 等数据库收录！ | |