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Inflation Announcements and Social Dynamics

Hachem, Kinda - 2014

heterogeneous inflation expectations. Expectations are updated through social dynamics and, with heterogeneity, not all firms choose …

Persistent link: https://www.econbiz.de/10012458503

Imperfect Knowledge, Inflation Expectations, and Monetary Policy

Orphanides, Athanasios - 2003

expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive … learning technology to form expectations and to update continuously their beliefs regarding the dynamic structure of the … between monetary policy and economic outcomes. We find that policies that would be efficient under rational expectations can …

Persistent link: https://www.econbiz.de/10012468813

Gradualism in Monetary Policy : A Time-Consistency Problem?

Stein, Jeremy C. - 2015

We develop a model of monetary policy with two key features: (i) the central bank has private information about its long-run target for the policy rate; and (ii) the central bank is averse to bond-market volatility. In this setting, discretionary monetary policy is gradualist, or inertial, in the...

Persistent link: https://www.econbiz.de/10012457100

Indicator Variables for Optimal Policy under Asymmetric Information

Svensson, Lars E.O. - 2001

The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. The private sector is assumed to have information about the state of the...

Persistent link: https://www.econbiz.de/10012470469

Constrained Discretion and Central Bank Transparency

Bianchi, Francesco - 2014

We develop and estimate a general equilibrium model in which monetary policy can deviate from active inflation stabilization and agents face uncertainty about the nature of these deviations. When observing a deviation, agents conduct Bayesian learning to infer its likely duration. Under...

Persistent link: https://www.econbiz.de/10012458099

Federal Reserve Private Information and the Behavior of Interest Rates

Romer, Christina D. - 1996

Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal Reserve and commercial inflation forecasts. We...

Persistent link: https://www.econbiz.de/10012473150

Evolving Reputation for Commitment : The Rise, Fall and Stabilization of US Inflation

King, Robert G.; Lu, Yang - National Bureau of Economic Research - 2022

before 1981 and by optimal policy with commitment afterward. In theory and quantification, the interaction of private sector …

Persistent link: https://www.econbiz.de/10013477255

Imperfect Information, Credit Markets and Unemployment

Greenwald, Bruce C. - 1986

This paper describes how imperfect information in both capital and labor markets can, in a context of maximizing firms and perfectly flexible prices and wages, give rise to cyclical variations in unemployment whose character closely resembles that of observed business cycles

Persistent link: https://www.econbiz.de/10012476976

Wage Contracts with Incomplete and Costly Information

Aizenman, Joshua - 1983

Optimal wage indexation, as derived by Gray, was subject to criticism due to a lack of efficient use of information; failure to clear the market which resulted in non-optimal contracts; and the lack of an explicit use of welfare criteria. The purpose of this paper is to derive a wage contract...

Persistent link: https://www.econbiz.de/10012477951

Incomplete Information, Risk Shifting, and Employment Fluctuations

Grossman, Herschel I. - 1980

This paper explores one of the ways in which acceptance of the hypothesis that labor market transactions involve arrangements for shifting risk from workers to employers strengthens the case for accepting the hypothesis that incomplete information is the critical factor in producing the positive...

Persistent link: https://www.econbiz.de/10012478601

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