Adaptive learning, forecast-based instrument rules and monetary policy

Journal of Monetary Economics

Volumn 53, Issue 3, 2006, Pages 507-535

  Preston, Bruce ^a  

^a Och Spine at New York Presbyterian Hospitals   (United States)

Author keywords

Adaptive learning; Forecasts; Instrument rules; Monetary policy

Indexed keywords

EID: 33645918005     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2005.01.008     Document Type: Article

References (29)

1. Batini N., and Haldane A.G. Forward-looking rules for monetary policy. In: Taylor J. (Ed). Monetary Policy Rules (1999), University of Chicago Press, Chicago
2. Bernanke B.S., and Woodford M. Inflation forecasts and monetary policy. Journal of Money, Credit, and Banking 29 4 (1997) 653-686
3. Bernanke, B.S., Woodford M., 2005. Introduction. In: Bernanke B.S., Woodford, W., (Eds.), The Inflation Targeting Debate. University of Chicago Press.
4. Bullard, J., Mitra, K., 2000. Determinacy, learnability and monetary policy inertia. Working Paper No. 2000-030A, Federal Reserve Bank of St. Louis. [Available online at http://www.stls.frb.org/docs/research/wp/2000-001.pdf].
5. Bullard J., and Mitra K. Learning about monetary policy rules. Journal of Monetary Economics 49 6 (2002) 1105-1129
6. Clarida R., Gali J., and Gertler M. Monetary policy rules in practice: some international evidence. European Economic Review 42 (1998) 1033-1067
7. Clarida R., Gali J., and Gertler M. The science of monetary policy: a New Keynesian perspective. Journal of Economic Literature 37 (1999) 1661-1707
8. Clarida R., Gali J., and Gertler M. Monetary policy rules and macroeconomic stability: evidence and some theory. Quarterly Journal of Economics 115 (2000) 147-180
9. Evans G.W., and Honkapohja S. Learning and Expectations in Economics (2001), Princeton University Press, Princeton, NJ
10. Evans, G.W., Honkapohja, S., 2002. Monetary policy, expectations and commitment. Working Paper.
11. Evans, G.W., Honkapohja, S., 2003. Expectations and the stability problem for optimal monetary policies. Review of Economic Studies 70 (4).
12. Faust, J., Svensson, L., 2001. Transparency and credibility: monetary policy with unobservable goals. International Economic Review 42, 369-397.
13. Giannoni, M.P., Woodford, M., 2002a. Optimal interest-rate rules: I. General theory. Unpublished, Columbia University.
14. Giannoni, M.P., Woodford, M., 2002b. Optimal interest-rate rules: II. Applications. Unpublished, Columbia University.
15. Hall, R.E., Mankiw, N.G., 1994. Nominal income targeting. In: Mankiw, N.G. (Ed.), Monetary Policy, p. 71.
16. Honkapohja, S., Mitra, K., 2004. Are non-fundamental equilibria learnable in models of monetary policy?. Journal of Monetary Economics 51, 1743-1770.
17. Honkapohja S., and Mitra K. Performance of monetary policy with internal central bank forecasting. Journal of Economic Dynamics and Control 29 4 (2005) 627-658
18. Levin, A., Wieland, V., Williams, J.C., 2003. Robustness of forecast-based monetary policy rules under model uncertainty. American Economic Review 93, 622-645.
19. McCallum B.T. On non-uniqueness in rational expectations models: an attempt at perspective. Journal of Monetary Economics 11 (1983) 139-168
20. McCallum B.T. Issues in the design of monetary policy rules. In: Taylor J., and Woodford M. (Eds). Handbook of Macroeconomics (1999), North-Holland, Amsterdam
21. Orphanides, A., Williams, J.C. 2005 Imperfect knowledge, inflation expectations, and monetary policy. In: Bernanke, B.S., Woodford, M., The Inflation Targeting Debate. University of Chicago Press.
22. Preston, B., 2004. Adaptive learning and the use of forecasts in monetary policy. Unpublished, Columbia University.
23. Preston B. Learning about monetary policy rules when long-horizon expectations matter. International Journal of Central Banking 1 2 (2005) 81-126
24. Preston, B., 2005b. Adaptive learning in infinite horizon decision problems. Unpublished, Columbia University.
25. Rotemberg J., and Woodford M. Interest-rate rules and an estimated sticky-price model. In: Taylor J. (Ed). Monetary Policy Rules (1999), University of Chicago Press, Chicago
26. Svensson L.E. Inflation targeting as a monetary policy rule. Journal of Monetary Economics 43 (1999) 607-654
27. Svensson, L.E., Woodford, M., 2002. Implementing optimal monetary policy through inflation forecast targeting. Unpublished manuscript, Princeton University.
28. Woodford, M., 1999. Optimal monetary policy inertia. NBER Working Paper 7261.
29. Woodford M. Interest and Prices: Foundations of a Theory of Monetary Policy (2003), Princeton University Press, Princeton, NJ