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Analyzing Inflation Expectations and the Impact of Target Credibility in Monetary Policy

Herzog, Bodo - 2012

This paper provides new evidence on the formation and anchoring process of expectations. We conduct a game experiment … stable in case of a credible target. All in all, this paper applies a unique game experiment which contributes in several …

Persistent link: https://www.econbiz.de/10013114110

Committees Versus Individuals : An Experimental Analysis of Monetary Policy Decision-Making

Lombardelli, Clare; Proudman, James; Talbot, James - 2005

We report the results of an experimental analysis of monetary policy decision-making under uncertainty. We used a large … than individuals - accord with previous work by Blinder and Morgan. We also attempt to establish why group decision … surprising result is that the superiority of committee decision-making does not appear to be related to the ability to discuss …

Persistent link: https://www.econbiz.de/10014105717

Unconventional Monetary Policy and Uncertainty

Lutz, Chandler - 2017

Using a structural factor-augmented VAR and a large novel database of daily time series, we examine the impact of unconventional monetary policy on financial and economic uncertainty. Our findings indicate that expansionary unconventional monetary shocks lead to large reductions in uncertainty...

Persistent link: https://www.econbiz.de/10012972665

Monetary Policy under Data Uncertainty : Interest-Rate Smoothing from a Cross-Country Perspective

Lee, Saiah - 2021

Cross-country estimates of Taylor rules suggest that higher data uncertainty is associated with a more inertial behavior of interest rates. Data uncertainty is measured by the volatility of differences between real-time data and their revisions. Using a simple structural model with Kalman filter...

Persistent link: https://www.econbiz.de/10013242211

Central Banker's Behaviour in an Uncertain Environment

Avouyi-Dovi, Sanvi - 2010

Several recent papers are devoted to the examination of the central banker's behaviour in an uncertain economic environment. This paper proposes, from a central banker's point of view, a synthesis of the main sources of uncertainty as well as an illustration of their effects within an analytical...

Persistent link: https://www.econbiz.de/10013138796

Optimal monetary policy under model uncertainty without commitment

Orlik, Anna; Presno, Ignacio - 2013 - This version: October 27, 2013

This paper studies the design of optimal time-consistent monetary policy in an economy where the planner trusts its own model, while a representative household uses a set of alternative probability distributions governing the evolution of the exogenous state of the economy. In such environments,...

Persistent link: https://www.econbiz.de/10010240307

Monetary Policy and Uncertainty in the Data Economy

Groh, Carl-Christian; Pfäuti, Oliver - 2023

We build a theoretical model to study how the widespread availability of data to firms affects the transmission of monetary policy and aggregate uncertainty. The presence of data strengthens the investment channel of monetary policy and can amplify cyclical fluctuations. Because data helps firms...

Persistent link: https://www.econbiz.de/10014350891

Monetary Policy, Parameter Uncertainty and Optimal Learning

Wieland, Volker - 1999

simulations of the policymaker's decision problem in the presence of the type of uncertainties that arose in the wake of German …

Persistent link: https://www.econbiz.de/10014178888

Monetary policy, parameter uncertainty and optimal learning

Wieland, Volker - 1999

simulations of the policymaker's decision problem in the presence of the type of uncertainties that arose in the wake of German …

Persistent link: https://www.econbiz.de/10010466014

Inflation Expectations and Monetary Policy Design : Evidence from the Laboratory

Pfajfar, Damjan - 2015

Using laboratory experiments within a New Keynesian framework, we explore the interaction between the formation of inflation expectations and monetary policy design. The central question in this paper is how to design monetary policy when expectations formation is not perfectly rational....

Persistent link: https://www.econbiz.de/10013019701