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Analyzing Inflation Expectations and the Impact of Target Credibility in Monetary Policy
Herzog, Bodo - 2012
This paper provides new evidence on the formation and anchoring process of expectations. We conduct a game experiment and measure the convergence of inflation expectations as well as the impact of credible targets in central banking. In addition, we evaluate the idiosyncratic variables of our...
Persistent link: https://www.econbiz.de/10013114110
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Easy Money, Cheap Talk, or Spuds : Inducing Risk Aversion in Economics Experiments
Hvide, Hans K. - 2019
experiments than in real life. We modify standard risky choice protocols by making participants earn their money at risk by … completing manual tasks such as peeling potatoes. This leads to less risk-taking and to choices more consistent with those online … survey respondents anticipate making with their own money. When realistic levels of risk aversion are important, experiments …
Persistent link: https://www.econbiz.de/10012865102
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Uncertainty, Wage Setting and Decision Making in a Monetary Union
Hefeker, Carsten - 2021
The enlargement of the European Monetary Union is likely to lead to an increase in uncertainty regarding the transmission of monetary policy for the larger union. Adding new members to the central bank council will in addition imply that the policy reaction of the enlarged council will be...
Persistent link: https://www.econbiz.de/10013319301
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Uncertainty, wage setting and decision making in a monetary union
Hefeker, Carsten - 2004
Persistent link: https://www.econbiz.de/10013430594
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Optimal monetary policy under model uncertainty without commitment
Orlik, Anna; Presno, Ignacio - 2013 - This version: October 27, 2013
This paper studies the design of optimal time-consistent monetary policy in an economy where the planner trusts its own model, while a representative household uses a set of alternative probability distributions governing the evolution of the exogenous state of the economy. In such environments,...
Persistent link: https://www.econbiz.de/10010240307
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Central Banker's Behaviour in an Uncertain Environment
Avouyi-Dovi, Sanvi - 2010
Several recent papers are devoted to the examination of the central banker's behaviour in an uncertain economic environment. This paper proposes, from a central banker's point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical...
Persistent link: https://www.econbiz.de/10013138796
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Bailout Uncertainty in a Microfounded General Equilibrium Model of the Financial System
Cukierman, Alex - 2011
between risk and uncertainty is implemented by applying the Gilboa-Schmeidler (1989) maxmin with multiple priors framework to …
Persistent link: https://www.econbiz.de/10013122330
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Macroprudential Policy Under Uncertainty
Bahaj, Saleem - 2016
risk, potential asymmetries in policy objectives, the ability to learn from policy actions, and private sector uncertainty …
Persistent link: https://www.econbiz.de/10012999871
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A Simple Framework for Climate-Change Policy Under Model Uncertainty
Athanasoglou, Stergios - 2017
-known success-probability criterion adapted to settings characterized by model uncertainty. We apply this decision criterion to …
Persistent link: https://www.econbiz.de/10012959549
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Monetary Policy under Data Uncertainty : Interest-Rate Smoothing from a Cross-Country Perspective
Lee, Saiah - 2021
Cross-country estimates of Taylor rules suggest that higher data uncertainty is associated with a more inertial behavior of interest rates. Data uncertainty is measured by the volatility of differences between real-time data and their revisions. Using a simple structural model with Kalman filter...
Persistent link: https://www.econbiz.de/10013242211