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  1. The learnability of complex constructions
    a cross-linguistic perspective
  2. Comparing forecast-based and backward-looking Taylor rules
    a "global" analysis
    Erschienen: Jan. 2005
    Verlag:  Federal Reserve Bank of New York, New York, NY

    "This paper examines the performance of forecast-based nonlinear Taylor rules in a class of simple microfunded models. The paper shows that even if the policy rule leads to a locally determinate (and stable) inflation target, there exist other... mehr

    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    W 1140 (198)
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    "This paper examines the performance of forecast-based nonlinear Taylor rules in a class of simple microfunded models. The paper shows that even if the policy rule leads to a locally determinate (and stable) inflation target, there exist other learnable 'global' equilibria such as cycles and sunspots. Moreover, under learning dynamics, the economy can fall into a liquidity trap. By contrast, more backward-looking and 'active' Taylor rules guarantee that the unique learnable equilibrium is the inflation target. This result is robust to different specifications of the role of money, price stickiness, and the trading environment"--Federal Reserve Bank of New York web site

     

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    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/60687
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; 198
    Schlagworte: Inflationssteuerung; Taylor-Regel; Mikrofundierung; Liquiditätspräferenz; Lernprozess; Theorie; Taylor's rule; Monetary policy; Inflation (Finance); Learnability
    Umfang: Online Ressource, 42 p, text, ill
    Bemerkung(en):

    Title from PDF file as viewed on 2/15/2005

    Includes bibliographical references