eprintid: 26410
rev_number: 17
eprint_status: archive
userid: 1482
importid: 105
dir: disk0/00/02/64/10
datestamp: 2018-11-09 12:46:38
lastmod: 2021-06-17 10:25:29
status_changed: 2021-06-17 10:25:29
type: monograph
metadata_visibility: show
creators_name: Assenza, Tiziana
creators_name: Heemeijer, P.
creators_name: Hommes, C.H.
creators_name: Massaro, D.
creators_idrefppn: 241586526
creators_idrefppn: 170547264
creators_halaffid: 1002422
title: Managing self-organization of expectations through monetary policy: a macro experiment
ispublished: pub
subjects: subjects_ECO
abstract: The New Keynesian theory of inflation determination is tested in this paper by means of laboratory experiments. We find that the Taylor principle is a necessary condition to ensure convergence to the inflation target, but it is not sufficient. Using a behavioral model of expectation formation, we show how heterogeneous expectations tend to self-organize on different forecasting strategies depending on monetary policy. Finally, we link the central bank ability to control inflation to the impact that monetary policy has on the type of feedback {positive or negative{ between expectations and realizations of aggregate variables and in turn on the composition of subjects with respect to the type of forecasting rules they use.
date: 2018-11
date_type: published
publisher: TSE Working Paper
official_url: http://tse-fr.eu/pub/33074
faculty: tse
divisions: tse
keywords: Laboratory Experiments
keywords: Monetary Policy
keywords: Expectations
keywords: Taylor principle
language: en
has_fulltext: TRUE
subjectsJEL: JEL_C91
subjectsJEL: JEL_C92
subjectsJEL: JEL_D84
subjectsJEL: JEL_E52
view_date_year: 2018
full_text_status: public
monograph_type: working_paper
series: TSE Working Paper
volume: 18-963
place_of_pub: Toulouse
pages: 80
institution: Toulouse Capitole University
department: Toulouse School of Economics
book_title: TSE Working Paper
oai_identifier: oai:tse-fr.eu:33074
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oai_lastmod: 2021-06-04T10:23:33Z
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citation:   Assenza, Tiziana <https://www.idref.fr/241586526>, Heemeijer, P., Hommes, C.H. <https://www.idref.fr/170547264> and Massaro, D.  (2018) Managing self-organization of expectations through monetary policy: a macro experiment.  TSE Working Paper, n. 18-963, Toulouse     
document_url: https://publications.ut-capitole.fr/id/eprint/26410/1/wp_tse_963.pdf