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Central Bank Communication and Expectations Stabilization
Eusepi, Stefano; Preston, Bruce - National Bureau of Economic Research (NBER) - 2007
This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain about the current state of the economy. Households and firms are uncertain about the statistical properties of aggregate variables, including nominal interest rates, and must...
Persistent link: https://www.econbiz.de/10005088899
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Expectations, Learning and Business Cycle Fluctuations
Eusepi, Stefano; Preston, Bruce - National Bureau of Economic Research (NBER) - 2008
This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … series is captured, unlike in standard models. Inherited from real business cycle theory, the benchmark model suffers a …
Persistent link: https://www.econbiz.de/10005575689
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Ambiguity and Climate Policy
Heal, Geoffrey; Millner, Antony; Dietz, Simon - National Bureau of Economic Research (NBER) - 2010
Economic evaluation of climate policy traditionally treats uncertainty by appealing to expected utility theory. Yet our … circumstances it has been argued that the axioms of expected utility theory may not be the the correct standard of rationality. By …
Persistent link: https://www.econbiz.de/10008601697
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Uncertainty and Decision in Climate Change Economics
Heal, Geoffrey; Millner, Antony - National Bureau of Economic Research (NBER) - 2013
Uncertainty is intrinsic to climate change: we know that the climate is changing, but not precisely how fast or in what ways. Nor do we understand fully the social and economic consequences of these changes, or the options that will be available for reducing climate change. Furthermore the...
Persistent link: https://www.econbiz.de/10010633193