Public Learning,Expectations Guiding and the Effectiveness of Monetary Policy
从公众学习的视角出发，认为经济主体对经济的认知有限，而央行通过信息传递引导公众预期，从而影响货币政策效果。
The rational expectations approach presupposes that economic agents have full knowledge about the economy. But it is more natural to assume that the agents face many limitations on knowledge about the economy. This sight is the starting point of public learning approach to modeling expectations formation.And in reality, learning comes not only from statistical regression of any kind,but also from information passed from person to person.In the course of judgment travel from person to person,the central bank can exert tremendous influence upon public expectation due to its key role in macroeconomic regulation.So it appears that the effect of monetary policy depends greatly on expectation guiding.