English, Article, Journal or magazine article edition: The Credibility of Central Bank Announcements Marco Hoeberichts

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Bookmark: http://trove.nla.gov.au/version/158089
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Credibility of Central Bank Announcements
Author
  • Marco Hoeberichts
Physical Description
  • preprint
Notes
  • In this paper, we present a monetary policy game in which the central bank has a private forecast of supply and demand shocks. The public needs to form its inflationary expectations and can make use of central bank announcements. However, because of the credibility problem that the central bank faces, the public will not believe a precise announcement. By extending the arrangement proposed by Garfinkel and Oh (1995) to a model that includes private information about both demand and supply shocks, we investigate the feasibility of making imprecise credible announcements concerning the rate of inflation.
  • monetary policy, private information, announcements
  • RePEc:bde:wpaper:0221
Language
  • English
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