| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3584 |
| DP3584 Investment-Specific Technical Change in the US (1947-2000): Measurement and Macroeconomic Consequences | |
| Giovanni L. Violante; Jason G Cummins | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We study the problem of a central bank whose policy actions simultaneously affect the information flow about its expectations-augmented Phillips curve and its reputation for toughness in fighting inflation. In an environment with an unknown relationship between inflation surprises and output, big inflation surprises yield big short-term output gains and a strong information flow. Yet optimal policy is very conservative because inflation surprises yield information that increases the volatility of both future inflationary expectations and inflation itself. In fact, the more there is that can be learned about the Phillips curve the less does optimal policy aim towards learning. |
| 主题 | International Macroeconomics |
| 关键词 | monetary policy Learning Experimentation Reputation Central bank conservatism |
| URL | https://cepr.org/publications/dp3584 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532591 |
| 推荐引用方式 GB/T 7714 | Giovanni L. Violante,Jason G Cummins. DP3584 Investment-Specific Technical Change in the US (1947-2000): Measurement and Macroeconomic Consequences. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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