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Monetary policy inclinations

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2011

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Gersbach, Hans

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Journal of Money, Credit and Banking. 2011, 43(8), pp. 1707-1717. ISSN 0022-2879. Available under: doi: 10.1111/j.1538-4616.2011.00464.x

Zusammenfassung

We examine whether central banks should complement their inflation forecasts with interest rate projections. Introducing a central bank loss function that accounts for deviations from announcements, we incorporate the publication of policy inclinations into a dynamic monetary model. We show that in the presence of cost-push shocks, the publication of interest rate forecasts tends to improve welfare.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Central banks, transparency, Federal Reserve, ECB, policy inclinations

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ISO 690GERSBACH, Hans, Volker HAHN, 2011. Monetary policy inclinations. In: Journal of Money, Credit and Banking. 2011, 43(8), pp. 1707-1717. ISSN 0022-2879. Available under: doi: 10.1111/j.1538-4616.2011.00464.x
BibTex
@article{Gersbach2011Monet-19096,
  year={2011},
  doi={10.1111/j.1538-4616.2011.00464.x},
  title={Monetary policy inclinations},
  number={8},
  volume={43},
  issn={0022-2879},
  journal={Journal of Money, Credit and Banking},
  pages={1707--1717},
  author={Gersbach, Hans and Hahn, Volker}
}
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