| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2771 |
| DP2771 Rivalry in Uncertain Export Markets: Commitment versus Flexibility | |
| Dermot Leahy; Gerda Dewit | |
| 发表日期 | 2001-04-24 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | A fundamentals-based monetary policy rule, which would be the optimal monetary policy without commitment when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive learning rules. This problem can be overcome if private expectations are observed and suitably incorporated into the policy maker's optimal rule. These strong results extend to the case in which there is simultaneous learning by the policy maker and the private agents. Our findings show the importance of conditioning policy appropriately, not just on fundamentals, but also directly on observed household and firm expectations. |
| 主题 | International Macroeconomics |
| 关键词 | Adaptive learning Instability Stability Private expectations |
| URL | https://cepr.org/publications/dp2771 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531830 |
| 推荐引用方式 GB/T 7714 | Dermot Leahy,Gerda Dewit. DP2771 Rivalry in Uncertain Export Markets: Commitment versus Flexibility. 2001. |
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