Social Learning and Monetary Policy Rules
研究了社会学习在货币政策中的作用，发现泰勒原理在社会学习下并非收敛到理性预期均衡的必要条件，并分析了太阳黑子均衡的协调问题。
We analyse the effects of social learning in a monetary policy context. Social learning might be viewed as more descriptive of actual learning behaviour in complex market economies. In our model, Taylor Principle governs uniqueness and expectational stability of rational expectations equilibrium (REE) under homogeneous recursive algorithms. We find that the Taylor Principle is not necessary for convergence to REE minimum state variable (MSV) equilibrium under social learning. Sunspot equilibria exist in the indeterminate region. Our agents cannot co‐ordinate on a sunspot equilibrium in general form specification, however, they can co‐ordinate on common factor specification. We contribute to the use of genetic algorithm learning in stochastic environments.