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, consistency with respect to all three concepts is affected by changes in the communication policy of the Fed, where the strongest …
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It is argued in literature that transparency may be detrimental to welfare. Morris and Shin (2002) suggest reducing the precision of public information or withholding it. The latter seems to be unrealistic. Thus, the issue is not whether central bank should disclose or not its information, but...
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higher than 2%. Moreover, consistency with respect to all three concepts is affected by changes in the communication policy …
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