| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10541 |
| DP10541 Trust in the Monetary Authority | |
| Ester Faia | |
| 发表日期 | 2015-04-12 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Trust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic agents and the monetary authority. Trust affects agents' ?stochastic discount factors, namely the price of future risk, and through this it interacts with the monetary transmission mechanism. Using data from the Eurobarometer surveys, we analyze the link between trust and the transmission mechanism of macro and monetary shocks. Empirical results are in line with theoretical ones. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Betrayal aversion Monetary transmission system Trust games |
| URL | https://cepr.org/publications/dp10541 |
| 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/539373 |
| 推荐引用方式 GB/T 7714 | Ester Faia. DP10541 Trust in the Monetary Authority. 2015. |
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