Monetary Policy Regimes and Beliefs
在动态随机一般均衡模型中研究货币政策信念如何传导冲击效应，发现当人们无法直接观察体制时，信念会缓慢演变，从而解释体制转换后实际和名义变量的持续现象。
This article investigates the role of beliefs over monetary policy in propagating the effects of monetary policy shocks within the context of a dynamic, stochastic general equilibrium model. In our model, monetary policy periodically switches between low and high money growth regimes. When individuals are unable to observe the regime directly, they form inferences over regime‐type based on historical money growth rates. For an empirically plausible money growth process, beliefs evolve slowly in the wake of a regime change. As a result, our model is able to capture some of the observed persistence of real and nominal variables following such a regime change.