G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3584
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
URLhttps://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.
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