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- W2117459285 abstract "We derive the optimal monetary policy in a sticky price model when private agents follow adaptive learning. We show that this slight departure from rationality has important implications for policy design. The central bank faces a new intertemporal trade-off, not present under rational expectations: it is optimal to forego stabilizing the economy in the present in order to facilitate private sector learning and thus ease the future intratemporal inflation-output gap trade-offs. The policy recommendation is robust: the welfare loss entailed by the optimal policy under learning if the private sector actually has rational expectations is much smaller than if the central bank mistakenly assumes rational expectations when in fact agents are learning." @default.
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- W2117459285 date "2007-01-01" @default.
- W2117459285 modified "2023-10-16" @default.
- W2117459285 title "Optimal Monetary Policy When Agents are Learning." @default.
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- W2117459285 doi "https://doi.org/10.2139/ssrn.1547894" @default.
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