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Central bank reputation, cheap talk and transparency as substitutes for commitment : experimental evidence
Duffy, John; Heinemann, Frank - 2016 - This Draft: 2 December 2016
serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the … inefficient, time-inconsistent one-shot Nash equilibrium. We find that reputation is a poor substitute for commitment. We then … that these mechanisms have only small or transitory effects on welfare. Surprisingly, the real effects of supply shocks are …
Persistent link: https://www.econbiz.de/10011572114
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Communicating uncertainty in monetary policy
Kozicki, Sharon; Vardy, Jill - 2017
While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments,...
Persistent link: https://www.econbiz.de/10012029810
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The interaction of fiscal and monetary policy in a monetary union : Balancing credibility and flexibility
Bovenberg, A.L.Bovenberg; Beetsma, R.M.W.J. - Tilburg University, Center for Economic Research - 1995
the varia nce of inflation, it harms overall welfare by reducing output and public spending and increasing the variability …
Persistent link: https://www.econbiz.de/10011090899
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Communicating uncertainty in monetary policy
Kozicki, Sharon; Vardy, Jill - 2017
While central banks cannot provide complete foresight with respect to their future policy actions, it is in the interests of both central banks and market participants that central banks be transparent about their reaction functions and how they may evolve in response to economic developments,...
Persistent link: https://www.econbiz.de/10011747734
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Imperfect Transparency and Shifts in the Central Bank's Output Gap Target
Westelius, Niklas J. - Department of Economics, Hunter College - 2006
welfare. …
Persistent link: https://www.econbiz.de/10004987342
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Central bank reputation, cheap talk and transparency as substitutes for commitment: Experimental evidence
Duffy, John Michael; Heinemann, Frank - 2016
serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the … inefficient, time-inconsistent one-shot Nash equilibrium. We find that reputation is a poor substitute for commitment. We then … that these mechanisms have only small or transitory effects on welfare. Surprisingly, the real effects of supply shocks are …
Persistent link: https://www.econbiz.de/10011580451
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Expectations-driven liquidity traps: Implications for monetary and fiscal policy
Nakata, Taisuke; Schmidt, Sebastian - 2019
straightforward recipe for mitigating the welfare costs and the systematic in ation shortfall associated with expectations …
Persistent link: https://www.econbiz.de/10012142148
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Expectations-driven liquidity traps : implications for monetary and fiscal policy
Nakata, Taisuke; Schmidt, Sebastian - 2019
straightforward recipe for mitigating the welfare costs and the systematic in ation shortfall associated with expectations …
Persistent link: https://www.econbiz.de/10012037377
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Expectations-driven liquidity traps : implications for monetary and fiscal policy
Nakata, Taisuke; Schmidt, Sebastian - 2019 - This draft: June 2019
give rise to persistent liquidity trap episodes. There is no straightforward recipe for enhancing welfare in this economy …
Persistent link: https://www.econbiz.de/10012181947
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Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts
Svensson, Lars E O - C.E.P.R. Discussion Papers - 1995
Persson and Tabellini, and achieve the equilibrium corresponding to an optimal rule with commitment. Thus an `inflation target …. Inflation targets may on average be exceeded, and they may have imperfect credibility. Nevertheless they may usefully reduce …
Persistent link: https://www.econbiz.de/10005136422