By Helmut Wagner
ISBN-10: 390210936X
ISBN-13: 9783902109363
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Extra info for Information And Uncertainty In The Theory Of Monetary Policy
Example text
They found that effectiveness of communication is not independent of the decision-making process in the respective committee. As argued above, the US Fed has an individualistic communication, but a collegial decision-making, whereas the Bank of England has collegial communications, but individualistic decision-making; and the ECB is collegial both in communication and decision-making. Ehrmann and Fratzscher analyze empirically how these differences impact the effectiveness of communication. They find that predictability of policy and the reaction of financial markets to communication is highest for the US Fed and the ECB and lower for the Bank of England’s MPC.
G. house market), thus aggravating the underlying risks. In the end, the central bank has to stabilize the economy by raising interest rates. Illing recommends that the central bank helps orderly unwinding financial imbalances through a strategy where highly leveraged private investors only should be given very precise signals so they can unwind their positions, whereas all the other private agents do not get information in order to prevent triggering of destabilization of the financial system.
2) are not introduced here ad hoc but are based on the decision-theoretical micro-basis of Gilboa and Schmeidler (1989) and its further development in Epstein and Wang (1994) (see Brock, Durlauf and West, (2004) as well). 32 1_2007 30/5/07 1:37 Stránka 31 Inclusion of uncertainty 31 Application to monetary policy This approach provides a possibility of examining the influence of Knightian uncertainty on monetary policy in more detail. For example, the effect of the public’s strategic uncertainty with regard to the monetary policy of the central bank and of state uncertainty on the part of the central bank regarding the position of the short-term supply curve can be examined under a rule-bound and (alternatively) a discretionary monetary policy.
Information And Uncertainty In The Theory Of Monetary Policy by Helmut Wagner
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