This paper argues that assuming a common information set shared by the public and the central bank may be inappropriate … when one is concerned with the value of information itself. Specifically, we argue that it may lead one to draw the … optimal discretionary monetary policy, where we allow for partial and diverse information. The model is used to show that …

then provide 22 different forms of information regarding past, current and/or future inflation and interest rates …. Information treatments about current and next year's interest rates have a strong effect on household expectations but treatments … constrained capacity to collect and process information …

then provide 22 different forms of information regarding past, current and/or future inflation and interest rates …. Information treatments about current and next year's interest rates have a strong effect on household expectations but treatments … constrained capacity to collect and process information …

then provide 22 different forms of information regarding past, current and/or future inflation and interest rates …. Information treatments about current and next year's interest rates have a strong effect on household expectations but treatments … constrained capacity to collect and process information …

then provide 22 different forms of information regarding past, current and/or future inflation and interest rates …. Information treatments about current and next year's interest rates have a strong effect on household expectations but treatments … constrained capacity to collect and process information. …