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Monetary Misperceptions : Optimal Monetary Policy Under Incomplete Information
Halperin, Basil - 2018
Inflation targeting is strictly suboptimal when economic actors have incomplete information about the state of the economy. Nominal income targeting is approximately optimal, and exactly optimal under certain parameterizations. We derive this result in a “Lucas islands” monetary...
Persistent link: https://www.econbiz.de/10012933106
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Optimal Public Communication
Gagliardone, Luca - 2022
A benevolent planner chooses optimally whether and how to disclose publicly a private forecast of fundamentals to a large number of informed small agents. These agents interact in economic environments with information frictions, strategic complementarity or substitutability in actions, and a...
Persistent link: https://www.econbiz.de/10014082668
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Forward Guidance, Information Frictions and Optimal Monetary Policy : A General Equilibrium Analysis with a Public Sector
Sun, Rui; Zhao, Yikai - 2021
This paper analyzes the optimal monetary policy in a model with a public sector when firms choose prices under incomplete information, and the government can not observe the current state perfectly. We accommodate the notion of Odyssean forward guidance in a framework with a public sector. The...
Persistent link: https://www.econbiz.de/10013226866
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Monetary policy, sectoral comovement and the credit channel
Di Pace, Federico; Görtz, Christoph - 2021
Persistent link: https://www.econbiz.de/10012546900
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Innovation, productivity, and monetary policy
Moran, Patrick; Queralto, Albert - 2017
To what extent can monetary policy impact business innovation and productivity growth? We use a New Keynesian model with endogenous total factor productivity (TFP) to quantify the TFP losses due to the constraints on monetary policy imposed by the zero lower bound (ZLB) and the TFP benefits of...
Persistent link: https://www.econbiz.de/10011780305
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Towards technology-news-driven business cycles
Di Casola, Paola; Sichlimiris, Spyridon - 2018
We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U … technological innovations reduce inflation. The technology news shock became the predominant source of the business cycle from the … inclusion of sentiment, uncertainty and TFP measurement error shocks does not affect the importance of the technology news shock. …
Persistent link: https://www.econbiz.de/10011930326
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Lumpy Investment, Fluctuations in Volatility, and Monetary Policy
Fang, Min - 2020
Is monetary policy less effective at stimulating investment during periods of elevated volatility (when all firms experience an increase in the variance of their productivity shocks) than during normal times? In this paper, I argue that elevated volatility leads to a decrease in extensive margin...
Persistent link: https://www.econbiz.de/10012840814
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The Productivity Gap : Monetary Policy, the Subprime Boom, and the Post-2001 Productivity Surge
Selgin, George - 2015
It is widely believed that, in the wake of the dot.com crash, the Fed kept the federal funds target rate too low for too long, inadvertently contributing to the subprime boom. We attribute this and other Fed departures from a "neutral" policy stance to the Fed's failure to respond appropriately...
Persistent link: https://www.econbiz.de/10013037453
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The information content of monetary statistics for the Great Recession : evidence from Germany
Chen, Wenjuan; Nautz, Dieter - 2015
This paper introduces a Divisia monetary aggregate for Germany and explores its information content for the Great Recession. Divisia money and the corresponding simple sum aggregate are highly correlated in normal times but begin to diverge before the crisis. Out of sample forecast analysis and...
Persistent link: https://www.econbiz.de/10010529338
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Inflation expectations and the recovery from the Great Depression in Germany
Daniel, Volker; Ter Steege, Lucas - 2018
A regime shift towards increased inflation expectations is credited with jumpstarting the recovery from the Great Depression in the United States. Germany experienced a recovery as fast and strong in the 1930s. What role did inflation expectations play at the start of this remarkable economic...
Persistent link: https://www.econbiz.de/10012159651