Blar i Discussion papers (SAM) på forfatter "Santoro, Sergio"

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    • On the perils of stabilizing prices when agents are learning 

      Mele, Antonio; Molnár, Krisztina; Santoro, Sergio (Discussion paper;01/15, Working paper, 2015-01)
      We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect ...

    • On the perils of stabilizing prices when agents are learning 

      Mele, Antonio; Molnar, Krisztina; Santoro, Sergio (DP SAM;22/2018, Working paper, 2018)
      The main advantage of price level stabilization compared with in ation stabilization rests on the central bank's ability to shape expectations. We show that stabilizing prices is no longer optimal when the central bank ...

    • Optimal monetary policy when agents are learning 

      Molnár, Krisztina; Santoro, Sergio (Discussion paper, Working paper, 2006-11)
      Most studies of optimal monetary policy under learning rely on optimality conditions derived for the case when agents have rational expectations. In this paper, we derive optimal monetary policy in an economy where the ...