Falck, Elisabeth; Hoffmann, Mathias; Hürtgen, Patrick - 2017
disagreement interacts with the efficacy of monetary policy. This paper fills this gap in providing theoretical predictions of … monetary policy shocks for different levels of disagreement and testing these empirically. When disagreement is high, a … dispersed information New Keynesian model predicts that a contractionary monetary policy shock leads to a short-run rise in …