منابع مشابه
Robust Monetary Policy with Imperfect Knowledge
We examine the performance and robustness properties of monetary policy rules in an estimated macroeconomic model in which the economy undergoes structural change and where private agents and the central bank possess imperfect knowledge about the true structure of the economy. Private agents rely on an adaptive learning technology to form expectations and update their beliefs based on incoming ...
متن کاملOptimal Monetary Policy with Imperfect Common Knowledge
We study optimal nominal demand policy in a flexible price economy with monopolistic competition where firms have imperfect common knowledge about the shocks hitting the economy. Information imperfections emerge endogenously because firms are assumed to have finite (Shannon) capacity to process information. We then ask how policy that minimizes a quadratic objective in output and prices depends...
متن کاملImperfect Common Knowledge and the Effects of Monetary Policy ∗
This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information about the nature of these disturbances. This explanation for the real effects of monetary policy is often dismissed on the ground that the Lucas (1972) model predicts only highly transitory effects on real activity, and none at all insofa...
متن کاملImperfect Information and Optimal Monetary Policy
Should the central bank care whether slow adjustment of the price level is due to adjustment costs as in the standard New Keynesian model or due to imperfect information? Most of the analysis of optimal monetary policy is conducted in the Calvo model. This paper studies optimal monetary policy in a model with exogenous dispersed information and in a rational inattention model. JEL: E3, E5, D8.
متن کاملImperfect credibility and robust monetary policy
In an effort to better anchor private-sector expectations and stabilize the economy, central banks are increasingly employing announcements about future policy. Although policy announcements can be a useful policy lever, concerns about credibility and about model uncertainty have the potential to undermine their usefulness. This paper studies the behavior of a central bank that seeks to conduct...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2005
ISSN: 1556-5068
DOI: 10.2139/ssrn.864404