Fachbereich: Volkswirtschaftslehre
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Learning in Macroeconomics and Monatary Policy
The Case of an Open Economy
The paper demonstrates how to solve dynamic macro models with lags and

expectational leads, when individual agents cannot build rational

expectations but try to learn "true" market relations by way of continuously

adapting their incipient subjective image of the market process. Using a

simple Taylor interest rule, the conditions for expectational stability of

monetary policy in an open economy are explored. There is only limited scope

for formal learnability. Monetary stability requires that the basic real

interest rate should take into account movements of the real exchange rate.
Autor
Prof. Dr. rer. pol. Heinz-Peter Spahn
 
DiskussionsbeitragFachbereichFachrichtung
2005VolkswirtschaftslehreVolkswirtschaftspolitik
 
Schlagwörter
Taylor principle, dynamic stability, expectations, interest rate rules, learning