Learning about monetary policy rules

James Bullard, Kaushik Mitra

Research output: Contribution to journalArticlepeer-review

307 Citations (Scopus)


We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. We use stability under recursive learning a la Evans and Honkapohja (Learning and Expectations in Macroeconomics, Princeton University Press, Princeton, New Jersey, 2001) as a criterion for evaluating monetary policy rules in this context. We find that considering learning can alter the evaluation of alternative policy rules.
Original languageEnglish
Pages (from-to)1105-1129
JournalJournal of Monetary Economics
Issue number6
Early online date30 Aug 2002
Publication statusPublished - Sept 2002


  • Learning
  • Monetary policy rules
  • Expectational stability
  • Optimal monetary policy


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