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Information Asymmetries, Transparency, and Monetary Policy

Hahn, Volker - 2001

asymmetries by simply publishing information. This raises the question of the socially optimal degree of transparency in monetary …, we also examine the question of whether the transparency of the central bank's objectives is desirable from a social … asymmetries by simply publishing information. This raises the question of the socially optimal degree of transparency in monetary …

Persistent link: https://www.econbiz.de/10009476206

Transparency in Monetary Policy, Signaling, and Heterogeneous Information

Hahn, Volker - 2010

desirable. We show that opacity may lead to the same equilibrium as transparency. However, additional equilibria may emerge … and its effects on inflation and output. In this case, transparency has ambiguous effects. It reduces output variance and … the distortions stemming from heterogeneous information. However, transparency generally raises the variance of inflation …

Persistent link: https://www.econbiz.de/10010270301

Committee Decision-Making under the Threat of Leaks

Fehrler, Sebastian; Hahn, Volker - 2020

Leaks are pervasive in politics. Hence, many committees that nominally operate under secrecy de facto operate under the threat that information might be passed on to outsiders. We study theoretically and experimentally how this possibility affects the behavior of committee members and the...

Persistent link: https://www.econbiz.de/10012322545

Forward Guidance Contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015

We examine “Forward Guidance Contracts”, which make central bankers’ utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity...

Persistent link: https://www.econbiz.de/10010531853

Information Acquisition by Price-Setters and Monetary Policy

Hahn, Volker - 2007

output above its long-run level. Transparency of central banks about economic shocks has ambiguous e ects on welfare. If an … extreme level of opacity is feasible, it represents the social optimum. Otherwise full transparency may be a second …

Persistent link: https://www.econbiz.de/10011753137

Forward Guidance for Monetary Policy: Is It Desirable?

Gersbach, Hans; Hahn, Volker - 2008

In this paper we assess whether forward guidance for monetary policy regarding the future path of interest rates is desirable. We distinguish between two cases where forward guidance for monetary policy may be helpful. First, forward guidance may reveal private information of the central bank....

Persistent link: https://www.econbiz.de/10011753148

Why the Publication of Socially Harmful Information May Be Socially Desirable

Hahn, Volker - 2009

signaling incentives under opacity. Our model may also explain the recent trend towards more transparency in monetary policy. …

Persistent link: https://www.econbiz.de/10011753186

Inflation Forecast Contracts

Gersbach, Hans; Hahn, Volker - 2011

We introduce a new type of incentive contract for central bankers: inflation forecast contracts, which make central bankers’ remunerations contingent on the precision of their inflation forecasts. We show that such contracts enable central bankers to influence inflation expectations more...

Persistent link: https://www.econbiz.de/10011753213

Why the publication of socially harmful information may be socially desirable

Hahn, Volker - 2009 - This version: November 2009

signaling incentives under opacity. Our model may also explain the recent trend towards more transparency in monetary policy. …

Persistent link: https://www.econbiz.de/10008746680

Forward guidance contracts

Gersbach, Hans; Hahn, Volker; Liu, Yulin - 2015 - This version: May 2015

We examine "Forward Guidance Contracts", which make central bankers' utility contingent on the precision of interest-rate forecasts for some time. Such Forward Guidance Contracts are a exible commitment device and can improve economic performance when the economy is stuck in a liquidity trap....

Persistent link: https://www.econbiz.de/10010528970