| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7598 |
| DP7598 Investment Shocks and the Relative Price of Investment | |
| Andrea Tambalotti; Giorgio Primiceri; Alejandro Justiniano | |
| 发表日期 | 2009-12-13 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | There is a broad consensus in the literature that costs of information processing and acquisition may generate costly disagreements in expectations among economic agents, and that central banks may play a central role in reducing such dispersion in expectations. This paper analyses empirically whether enhanced central bank transparency lowers dispersion among professional forecasters of key economic variables, using a large set of proxies for central bank transparency in 12 advanced economies. It finds evidence for a significant and sizeable effect of central bank transparency on forecast dispersion, be it by means of announcing a quantified inflation objective, other forms of communication, or by publishing central banks? inflation and output forecasts. However, there also appear to be limits to central bank transparency, with decreasing marginal returns to enhancing (economic) transparency, and given our findings that disagreement among inflation expectations in the general public is not affected by the various central bank transparency measures analyzed in this paper. |
| 主题 | International Macroeconomics |
| 关键词 | Central bank communication Central banking Disagreement Forecasting Inflation targeting monetary policy Survey expectations transparency |
| URL | https://cepr.org/publications/dp7598 |
| 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/536435 |
| 推荐引用方式 GB/T 7714 | Andrea Tambalotti,Giorgio Primiceri,Alejandro Justiniano. DP7598 Investment Shocks and the Relative Price of Investment. 2009. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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