... approach to inflation expectations built into many Barro- Gordon style models... does not accord with the evidence. ... So far we have discussed the role of central bank credibility as a piece of the transmission mechanism of the monetary theory. A further problem concerns the role of expectations about the future course of the economy following policy actions and ... Petlow and von zur Muehlen (1999) estimate, in a forward-looking model, the costs of learning a new rule of monetary anbsp;...
|Publisher||:||FrancoAngeli - 2002|