The Informational Effect of Monetary Policy and the Case for Policy Commitment
نویسندگان
چکیده
I study how the informational effect of monetary policy changes optimal conduct policy. In my model, private sector extracts information about unobserved shocks from central bank’s interest rate decisions. The bank optimally by committing to a state-contingent rule, in which case Phillips curve becomes endogenous optimization problem. dynamic rule overshoots natural-rate shock and gradually responds cost-push shock, makes change expected output growth but not inflation.
منابع مشابه
The Informational Effect of Monetary Policy and the Case for Policy Commitment
I study how the informational effect of monetary policy leads to gains from commitment. Monetary policy has an informational effect when the private sector has imperfect information about the underlying economy and extracts information about unobserved shocks from the central bank’s interest-rate decisions. With serially uncorrelated shocks, I show that the optimal monetary policy rule responds...
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ژورنال
عنوان ژورنال: Working paper
سال: 2022
ISSN: ['2381-6287']
DOI: https://doi.org/10.26509/frbc-wp-201907r