Performance of monetary policy with internal central bank forecasting

Seppo Honkapohja, Kaushik Mitra

Research output: Contribution to journalArticlepeer-review

32 Citations (Scopus)


Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogeneous. This paper studies the implications of heterogeneity in forecasting by the central bank and private agents for the performance of interest rules in a framework of econometric learning.
Original languageEnglish
Pages (from-to)627-658
JournalJournal of Economic Dynamics and Control
Issue number4
Early online date20 Jul 2004
Publication statusPublished - Apr 2005


  • Adaptive learning
  • Stability
  • Heterogeneity
  • Monetary policy


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