Ferrero, Giuseppe; Miccoli, Marcello; Santoro, Sergio - Banca d'Italia - 2014
bank have different information about the shock. We consider a linear policy rule where a pure inflation targeting central … bank decides how much to react to the shock given its information. In this framework we show that monetary policy performs … the monetary policy tool. When the informational role is present, optimal monetary policy is more cautious, that is, it …