Adaptive Learning and Monetary Policy Design
综述了近期关于利率设定的研究，强调设计政策以确保学习下的稳定性，探讨了基于预期的规则如何实现理性预期均衡的确定性与稳定性，并讨论了实施最优政策时的观测性与结构参数知识等问题。
We review the recent work on interest rate setting, which emphasizes the desirability of designing policy to ensure stability under learning. Appropriately designed expectations-based rules can yield optimal rational expectations (REs) equilibria that are both determinate and stable under learning. Some simple instrument rules and approximate targeting rules also have these desirable properties. We discuss various complications in implementing optimal policy, including the observability of key variables and the required knowledge of structural parameters. An additional issue that we take up concerns the implications of expectation shocks not arising from transitional learning effects.