期刊名称：Discussion Papers in Economics / Department of Economics, University of Surrey
出版年度：2015
出版社：University of Surrey
摘要：We show that price level stabilization is not optimal in an economy whereagents have incomplete knowledge about the policy implemented and try tolearn it. A systematically more accommodative policy than what agentsexpect generates short term gains without triggering an abrupt loss of confidence,since agents update expectations sluggishly. In the long run agentslearn the policy implemented, and the economy converges to a rational expectationsequilibrium in which policy does not stabilize prices, economicvolatility is high, and agents su↵er the corresponding welfare losses. However,these losses are outweighed by short term gains from the learningphase.
