| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13817 |
| DP13817 Optimal Monetary Policy when Information is Market-Generated | |
| Kenza Benhima; Isabella Blengini | |
| 发表日期 | 2019-06-21 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The nature of the private sector's information changes the optimal conduct of monetary policy. When firms observe their individual demand and use it as a signal of real shocks, the optimal policy consists in maximizing the information content of that signal. When real shocks are deflationary (like labor supply shocks), the optimal policy is countercyclical and magnifies price movements, which contrasts with the exogenous information case, where optimal monetary policy is procyclical and stabilizes prices. When the central bank communicates its information to the public, this policy is still optimal if firms pay limited attention to central bank announcements. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Optimal monetary policy Information frictions Endogenous information Expectations Central bank communication |
| URL | https://cepr.org/publications/dp13817 |
| 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/542691 |
| 推荐引用方式 GB/T 7714 | Kenza Benhima,Isabella Blengini. DP13817 Optimal Monetary Policy when Information is Market-Generated. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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