کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099737 | 1377027 | 2006 | 29 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Optimal commitment policy under noisy information
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موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
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چکیده انگلیسی
This paper studies an advantage of commitment over discretion when a central bank observes only noisy measures of current inflation and output, in the context of an optimizing model with nominal-price stickiness. Under a commitment regime, if current policy turns out to be too expansionary (contractionary) because of the bank's information problem, subsequent policies should be slightly contractionary (expansionary). By following this approach, the central bank can improve the trade-off between the fluctuations of its goal variables caused by economic shocks and their fluctuations caused by the bank's response to measurement error.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 1, January 2006, Pages 81-109
Journal: Journal of Economic Dynamics and Control - Volume 30, Issue 1, January 2006, Pages 81-109
نویسندگان
Kosuke Aoki,