| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20161 |
| 来源ID | Working Paper 20161 |
| Inflation Announcements and Social Dynamics | |
| Kinda Hachem; Jing Cynthia Wu | |
| 发表日期 | 2014-05-22 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We propose a new framework for understanding the effectiveness of central bank announcements when firms have heterogeneous inflation expectations. Expectations are updated through social dynamics and, with heterogeneity, not all firms choose to operate, putting downward pressure on realized inflation. Our model rationalizes why countries stuck at the zero lower bound have had a hard time increasing inflation without being aggressive. The same model also predicts that announcing an abrupt target to disinflate will cause inflation to undershoot the target whereas announcing gradual targets will not. We present new empirical evidence that corroborates this prediction. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w20161 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577835 |
| 推荐引用方式 GB/T 7714 | Kinda Hachem,Jing Cynthia Wu. Inflation Announcements and Social Dynamics. 2014. |
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