Ciccarone, Giuseppe; Marchetti, Enrico - In: Economics Letters 104 (2009) 1, pp. 37-39
Kobayashi [Kobayashi, T., 2003. Multiplicative uncertainty in a model without inflationary bias. Economics Letters 80, 317-321.] claims that an increase in multiplicative uncertainty on the transmission mechanism of monetary policy improves social welfare when central bank's preferences are...