The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations

DOI10.1016/J.JEDC.2005.06.004MaRDI QIDQ956479zbMATHOpenAlexFDO

Authors Athanasios Orphanides, John C. Williams

Publication date 25 November 2008

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp337.pdf

zbMATH Keywords

learningrational expectationsmonetary policystagflation

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Economic models of real-world systems (e.g., electricity markets, etc.) (91B74) Rationality and learning in game theory (91A26)

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Cites work

• A real-time data set for macroeconomists
• Endogenous monetary policy with unobserved potential output
• Inflation Persistence
• Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*

Cited in

(24)

• Drifting inflation targets and monetary stagflation
• scientific article; zbMATH DE number 3869010 (Why is no real title available?)
• Endogenous monetary policy with unobserved potential output
• Pooling forecasts in linear rational expectations models
• Government debt, learning and the term structure
• Evolving macroeconomic perceptions and the term structure of interest rates
• Good luck or good policy? An expectational theory of macro volatility switches
• Escape dynamics and policy specification
• On the initialization of adaptive learning in macroeconomic models
• Animal spirits and monetary policy
• Activist policy and macroeconomic instability
• Experimental evidence on inflation expectation formation
• Adaptive learning in practice
• Natural rate doubts
• Monetary policy strategies for the European Central Bank
• Heterogeneous response of disaggregate inflation to monetary policy regime change: the role of price stickiness
• Learning and time-varying macroeconomic volatility
• Learning, monetary policy rules, and macroeconomic stability
• Are the representative agent's beliefs based on efficient econometric models?
• Exchange rates and fundamentals under adaptive learning
• The role of expectations in economic fluctuations and the efficacy of monetary policy
• Forecast combination, non-linear dynamics, and the macroeconomy
• Identifying monetary policy shocks using the central bank's information set
• Nonlinear Taylor rules: evidence from a large dataset

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