期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2015
卷号：2015
出版社：Bergen
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 con- dence, since agents update expectations sluggishly. In the long run agentslearn the policy implemented, and the economy converges to a rational ex-pectations equilibrium in which policy does not stabilize prices, economicvolatility is high, and agents su er the corresponding welfare losses. How-ever, these losses are outweighed by short term gains from the learningphase.
