sensitive to information shocks, which presses the market price towards its average price thus reducing price variance. The …

would be efficient. The equilibria that we find, with volatility and asymmetry of information, are inefficient for two …In this paper we study how volatility in monetary policy affects economic performance in the presence of endogenously … chosen information structures. To isolate the effects produced by the interaction of uncertainty in monetary policy and …

transparency most likely manifests itself in falling output volatility. -- Imperfect credibility ; asymmetric information ; signal …The assumption of asymmetric and incomplete information in a standard New Keynesian model creates strong incentives for … monetary policy transparency. We assume that the central bank has better information about its objectives than the private …