Politická ekonomie 2010, 58(4):458-470 | DOI: 10.18267/j.polek.741

Proces učení a transparentnost centrální banky

Tomáš Holinka
Česká národní banka; Fakulta financí a účetnictví VŠE v Praze.

Learning Process and Transparency of Central Bank

Learning process is a new approach of filling the gap between adaptive expectations and rational expectations. Private agents are learning new information and adjust their expectation about the inflation and output gap. Central bank transparency is one of the key factors of learning by private agents. However the learning process is also very important aspect for central bankers to improve their credibility.

Keywords: rational expectations, learning process, transparency of central bank
JEL classification: E44, E52, E58

Published: August 1, 2010  Show citation

ACS AIP APA ASA Harvard Chicago IEEE ISO690 MLA NLM Turabian Vancouver
Holinka, T. (2010). Learning Process and Transparency of Central Bank. Politická ekonomie58(4), 458-470. doi: 10.18267/j.polek.741
Download citation

References

  1. BASDEVANT, O. 2002. Learning process and rational expectations: an analysis using a small macroeconomic model for New Zealand. RBNZ Working paper, 2002. Go to original source...
  2. BERARDI, M.; DUFFY, J. 2006. The value of central bank transparency when agents are learning. Working Papers University of Pittsburgh. 2006, č. 283.
  3. BLINDER, A.; GOODHART, C.; HILDEBRANT, P.; LIPTON, P.; WYPLOSZ, C. 2001. How do central banks talk? Geneva Report on the World Economy, ICMB. 2001, No. 3.
  4. BRŮNA, K. 2007. Měnová politika, změny trendové inflace a nestabilita úrokových relací: analýza dynamiky dlouhodobých úrokových sazeb v kontextu změn repo sazby. Politická ekonomie. 2007, Vol. 55, No. 1, pp. 3-22. Go to original source...
  5. BRŮNA, K. 2007a. Úrokový transmisní mechanismus a řízení úrokové marže bank v kontextu bezinflační politiky ČNB. Politická ekonomie. 2007, Vol. 55, No. 6, pp. 829-851. Go to original source...
  6. BULLARD, J. 2006. The learnability criterion and monetary policy. Federal Reserve Bank of St. Louis Review, 2006, No. 88, pp. 203-217. Go to original source...
  7. BULLARD, J.; MITTRA, K. 2002. Learning about monetary policy rules. Journal of Monetary Economics. 2002, No. 49, pp. 1105-1129. Go to original source...
  8. EVANS, G.; HONKAPOJHA, S. 2001. Learning and Expectations in Macroeconomics. Princeton: Princeton University Press, 2001. ISBN 0-691-04921-1.
  9. EVANS, G.; HONKAPOJHA, S. 2003a. Expectations and the Stability Problem for Optimal Monetary Policies. Review of Economic Studies. 2003a, No. 70, pp. 807-824. Go to original source...
  10. EVANS, G.; HONKAPOJHA, S. 2003b. Adaptive Learning and Monetary Policy Design. Journal of Money, Credit and Nanking. 2003, No. 35, pp. 1045-1072. Go to original source...
  11. EVANS, G.; HONKAPOJHA, S. 2006. Monetary Policy, Expectations and Commitment. The Scandinavian Journal of Economics. 2006, No. 108, pp. 15-38. Go to original source...
  12. FRY, M.; JULIUS, D.; MAHADEVA, L.; ROGER, L.; STERNE, G. 2000. Key issues in the choice of monetary policy framework. London: Routledge, 2000, pp. 1-216.
  13. GERAATS, P. 2002. Central Bank Transparency. The Economic Journal. 2002, No. 112, pp. 532-565. Go to original source...
  14. GERAATS, P. 2005. Transparency of Monetary Policy: Theory and Practice. CWPE. 2005, No. 549. Go to original source...
  15. KEYNES, J. M. 1936. The General Theory of Employment, Interest and Money. London: Macmillan, 1936.
  16. KOTLÁN, V.; NAVRÁTIL, D. 2005. Is the Czech National Bank Predictable? Finance a úvěr. 2005, Vol. 55, No. 7-8, pp. 333-334.
  17. LUCAS, R. E. 1972. Expectations and the Neutrality of Money. Journal of Economic Theory. 1972, No. 4, pp. 103-124. Go to original source...
  18. MARISCAL, I.; HOWELLS, P. 2004. Monetary Policy Transparency: Lesson from Germany and the Eurozone. Discussion Paper, University of the West England. 2004, No. 410.
  19. MANDEL, M.; TOMŠÍK, V. 2004. Utváření inflačních očekávání v české ekonomice. Bankovnictví. 2004, Vol. 12, No. 8, pp. 15-17.
  20. MUTH, J. F. 1961. Rational Expectations and the Theory of Price Movements. Econometrica, No. 29, pp. 315-335. Go to original source...
  21. ORPHANIDES, A.; WILLIAMS, J. C. 2005. Imperfect knowledge, inflation expectations, and monetary policy. In Bernanke, B. S.; Woodford, M. (Ed.). The Inflation-Targeting Debate. Chicago: University of Chicago Press, 2005, pp. 201-234. Go to original source...
  22. ROBERTS, J. 1997. Is inflation sticky? Journal of Monetary Economics, 1997, No. 39(4), pp. 176-196. Go to original source...
  23. SARGENT, T. J. 1973. Rational Expectations, the Real Rate of Interest and the Natural Rate of Unemployment. Brookings Papers on Economic Activity. 1973, No. 2, pp. 429-472. Go to original source...
  24. SARGENT, T. J. 1993. Bounded Rationality in Macroeconomics. Oxford: Oxford University Press, 1993.
  25. SLAVÍK, M. 2005. Úvod do moderních přístupů analýzy časových řad: stavově prostorové modely a Kalmanův filtr. Politická ekonomie, 2005, Vol., 53, No. 1, pp. 111-124. Go to original source...
  26. STIGLITZ, J. 2002. Information and the Change in the Paradigm in Economics. The American Economic Review. 2002, Vol. 92, No. 3, pp. 460-501. Go to original source...
  27. SVENSSON, L.E.O.; FAUST, J. 2001. Transparency and credibility: Monetary policy with unobservable goals. International Economic Review. 2001, No. 42, pp. 369-397. Go to original source...
  28. TAYLOR, J. 1975. Monetary Policy during Transition to Rational Expectations. Journal of Political Economy. 1975, Vol. 83, No. 5, pp. 1009-1022. Go to original source...

This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.