• 1 Introduction
  • 2 A Simple Model of Hidden Information
  • 2.1 New Keynesian Economy
  • 2.2 Hidden Information
  • 2.3 The Discretionary Policy Problem
  • 2.4 Optimal Policy in the Simple Model
  • 3 Belief Shocks
  • 4 (In-)Credible Disinflations and Exogenous Persistence
  • 5 Related Literature
  • 6 Conclusions
  • Appendix
  • Reference