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- W2784235663 abstract ":A principal argument in the rational expectations literature is the optimality of predictable policy. This paper illustrates that this claim does not hold in a world of parametric uncertainty for two reasons: (1) completely noiseless policy may lead to non–convergence to the true model parameters; (2) highly predictable policy is not very informative about the structure of the model. A series of examples illustrate the ramifications for macroeconomic policy." @default.
- W2784235663 created "2018-01-26" @default.
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- W2784235663 date "1990-01-01" @default.
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- W2784235663 title "NON-CONVERGENCE TO RATIONAL EXPECTATIONS AND OPTIMAL MONETARY POLICY IN MODELS WITH LEARNING" @default.
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- W2784235663 doi "https://doi.org/10.1016/b978-0-08-037538-0.50049-6" @default.
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