Uncertainty about perceived inflation target and monetary policy:
We analyse the interaction between private agents' uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English German |
| Veröffentlicht: |
Frankfurt am Main
Dt. Bundesbank
2007
|
| Schriftenreihe: | Discussion paper / Deutsche Bundesbank : Series 1, Economic studies
2007,18 |
| Schlagworte: | |
| Zusammenfassung: | We analyse the interaction between private agents' uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation target. Underthose two uncertainties, the learning process of both private agents andthe central bank causes higher order beliefs to become relevant, and this mechanism is capable of generating high persistence and volatility of inflation even though the underlying shocks are purely transitory. We also findthat the persistence and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty about inflation target (and hence the bank's data uncertainty) diminishes. |
| Beschreibung: | Zsfassung in dt. Sprache |
| Beschreibung: | 46 S. graph. Darst. |
| ISBN: | 9783865583178 9783865583185 |
Internformat
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| 100 | 1 | |a Aoki, Kōsuke |d 1969- |e Verfasser |0 (DE-588)130435260 |4 aut | |
| 245 | 1 | 0 | |a Uncertainty about perceived inflation target and monetary policy |c Kosuke Aoki ; Takeshi Kimura |
| 264 | 1 | |a Frankfurt am Main |b Dt. Bundesbank |c 2007 | |
| 300 | |a 46 S. |b graph. Darst. | ||
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| 490 | 1 | |a Discussion paper / Deutsche Bundesbank : Series 1, Economic studies |v 2007,18 | |
| 500 | |a Zsfassung in dt. Sprache | ||
| 520 | |a We analyse the interaction between private agents' uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation target. Underthose two uncertainties, the learning process of both private agents andthe central bank causes higher order beliefs to become relevant, and this mechanism is capable of generating high persistence and volatility of inflation even though the underlying shocks are purely transitory. We also findthat the persistence and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty about inflation target (and hence the bank's data uncertainty) diminishes. | ||
| 655 | 7 | |0 (DE-588)1071861417 |a Konferenzschrift |2 gnd-content | |
| 700 | 1 | |a Kimura, Takeshi |e Verfasser |4 aut | |
| 810 | 2 | |a Deutsche Bundesbank |t Discussion paper |v Series 1, Economic studies ; 2007,18 |w (DE-604)BV017594637 |9 2007,18 | |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016030104 | ||
Datensatz im Suchindex
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| genre_facet | Konferenzschrift |
| id | DE-604.BV022824804 |
| illustrated | Illustrated |
| index_date | 2024-07-02T18:41:25Z |
| indexdate | 2024-07-09T21:07:00Z |
| institution | BVB |
| isbn | 9783865583178 9783865583185 |
| language | English German |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016030104 |
| oclc_num | 642550343 |
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| physical | 46 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Dt. Bundesbank |
| record_format | marc |
| series2 | Discussion paper / Deutsche Bundesbank : Series 1, Economic studies |
| spelling | Aoki, Kōsuke 1969- Verfasser (DE-588)130435260 aut Uncertainty about perceived inflation target and monetary policy Kosuke Aoki ; Takeshi Kimura Frankfurt am Main Dt. Bundesbank 2007 46 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Discussion paper / Deutsche Bundesbank : Series 1, Economic studies 2007,18 Zsfassung in dt. Sprache We analyse the interaction between private agents' uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation target. Underthose two uncertainties, the learning process of both private agents andthe central bank causes higher order beliefs to become relevant, and this mechanism is capable of generating high persistence and volatility of inflation even though the underlying shocks are purely transitory. We also findthat the persistence and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty about inflation target (and hence the bank's data uncertainty) diminishes. (DE-588)1071861417 Konferenzschrift gnd-content Kimura, Takeshi Verfasser aut Deutsche Bundesbank Discussion paper Series 1, Economic studies ; 2007,18 (DE-604)BV017594637 2007,18 |
| spellingShingle | Aoki, Kōsuke 1969- Kimura, Takeshi Uncertainty about perceived inflation target and monetary policy |
| subject_GND | (DE-588)1071861417 |
| title | Uncertainty about perceived inflation target and monetary policy |
| title_auth | Uncertainty about perceived inflation target and monetary policy |
| title_exact_search | Uncertainty about perceived inflation target and monetary policy |
| title_exact_search_txtP | Uncertainty about perceived inflation target and monetary policy |
| title_full | Uncertainty about perceived inflation target and monetary policy Kosuke Aoki ; Takeshi Kimura |
| title_fullStr | Uncertainty about perceived inflation target and monetary policy Kosuke Aoki ; Takeshi Kimura |
| title_full_unstemmed | Uncertainty about perceived inflation target and monetary policy Kosuke Aoki ; Takeshi Kimura |
| title_short | Uncertainty about perceived inflation target and monetary policy |
| title_sort | uncertainty about perceived inflation target and monetary policy |
| topic_facet | Konferenzschrift |
| volume_link | (DE-604)BV017594637 |
| work_keys_str_mv | AT aokikosuke uncertaintyaboutperceivedinflationtargetandmonetarypolicy AT kimuratakeshi uncertaintyaboutperceivedinflationtargetandmonetarypolicy |