| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5908 |
| DP5908 A Theory of Tolerance | |
| Giacomo Corneo; Olivier Jeanne | |
| 发表日期 | 2006-10-23 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | In 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. |
| 主题 | International Macroeconomics |
| 关键词 | Learning Rational expectations Separation principle Term structure of interest rates |
| URL | https://cepr.org/publications/dp5908 |
| 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/534743 |
| 推荐引用方式 GB/T 7714 | Giacomo Corneo,Olivier Jeanne. DP5908 A Theory of Tolerance. 2006. |
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