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Inflation Forecast Contracts
Gersbach, Hans; Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 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/10009228934
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Inflation Forecast Contracts
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2012
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/10011084494
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Information acquisition and transparency in committees
Gersbach, Hans; Hahn, Volker - In: International Journal of Game Theory 41 (2012) 2, pp. 427-453
Persistent link: https://www.econbiz.de/10010557734
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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
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Inflation forecast contracts
Gersbach, Hans; Hahn, Volker - In: Journal of Economic Dynamics and Control 48 (2014) C, pp. 26-40
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/10011077523
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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
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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
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Information Acquisition and Transparency in Committees
Gersbach, Hans; Hahn, Volker - C.E.P.R. Discussion Papers - 2008
acquire costly information that enhances their ability to make a correct decision. We focus on the impact of transparency. We … show that the principal's initial utility is higher under transparency, because members exert more effort, which makes … correct decisions more likely. The principal also benefits from transparency later, unless transparency leads to an alignment …
Persistent link: https://www.econbiz.de/10005788900
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Forward Guidance for Monetary Policy: Is It Desirable?
Gersbach, Hans; Hahn, Volker - CER-ETH Center of Economic Research, Department of … - 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/10005800915
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On the negative social value of central banks' knowledge transparency
Gersbach, Hans - In: Economics of Governance 4 (2003) 2, pp. 91-102
growth and future inflation, and between employment and inflation. We show that the social value of knowledge transparency …
Persistent link: https://www.econbiz.de/10005167104