Rules versus discretion in monetary policy The case of asymmetric information
β Scribed by Torben M. Andersen
- Publisher
- Elsevier Science
- Year
- 1986
- Tongue
- English
- Weight
- 272 KB
- Volume
- 10
- Category
- Article
- ISSN
- 0165-1889
No coin nor oath required. For personal study only.
π SIMILAR VOLUMES
The normal assumption of full information is dropped and the choice of monetary policy rules is instead examined when private agents must learn the rule. A small, forward-looking model is estimated and stochastic simulations conducted with agents using discounted least squares to learn of a change o
## Abstract This paper uses the empirical framework for formulating and estimating forward looking monetary policy rules developed in Clarida, Gali and Gertler (1998, 1999, 2000, 2001) and Clarida (2000) to assess what we know, don't know, and can't tell about monetary policy making in an open econ