| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14830 |
| DP14830 Monetary Policy with Opinionated Markets | |
| Ricardo Caballero; Alp Simsek | |
| 发表日期 | 2022-06-17 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We build a model in which the Fed and the market disagree about future aggregate demand. The market anticipates monetary policy "mistakes," which affect current demand and induce the Fed to partially accommodate the market's view. The Fed expects to implement its view gradually. Announcements that reveal an unexpected change in the Fed's belief provide a microfoundation for monetary policy shocks. Tantrum shocks arise when the market misinterprets the Fed's belief and overreacts to its announcement. Uncertainty about tantrums motivates further gradualism and communication. Finally, disagreements affect the market's expected inflation and induce a policy trade-off similar to "cost-push" shocks. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations |
| 关键词 | Monetary policy and shocks Belief disagreements Interest rates The fed's greenbook projections and the dot plot Fed belief surprises Tantrum shocks Communication Gradualism Forward guidance Cost-push shocks |
| URL | https://cepr.org/publications/dp14830-2 |
| 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/546448 |
| 推荐引用方式 GB/T 7714 | Ricardo Caballero,Alp Simsek. DP14830 Monetary Policy with Opinionated Markets. 2022. |
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