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Optimal Economic Transparency - Carl E. Walsh

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2012-09-26
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In this paper, I explore the optimal extent to which the central bank should disseminate information among private agents. Individual firms are assumed to have diverse private information, and the central bank provides public information either implicitly, by setting its policy instrument, or explicitly, by making announcements about its short-run targets. The optimal degree of economic transparency is affe ... Täielik kirjeldus

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In this paper, I explore the optimal extent to which the central bank should disseminate information among private agents. Individual firms are assumed to have diverse private information, and the central bank provides public information either implicitly, by setting its policy instrument, or explicitly, by making announcements about its short-run targets. The optimal degree of economic transparency is affected differently by cost and demand shocks. More-accurate central bank forecasts of demand shocks reduce optimal transparency, while more-accurate forecasts of cost shocks increase optimal transparency. Increased persistence in demand (cost) disturbances increases (reduces) optimal transparency.

Lisateave

Autor Carl E. Walsh
Kirjastaja BiblioGov
Väljalaskeaasta 2012
Kaanetüüp Pehme kaanega
EAN 9781249556800
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16,49 € 27,48 €