不完全信息下的前瞻性指导

IF 1.2 3区 经济学 Q3 BUSINESS, FINANCE
CHENGCHENG JIA
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引用次数: 0

摘要

我研究了在灵活价格经济中前瞻性指导的效果,在这种经济中,私营部门和中央银行都受制于有关经济总体状况的不完全信息。在提供前瞻性指导时,中央银行会披露其当前的不完全信息,并承诺执行一项政策规则,使未来的政策以只有在未来才能获得的完全信息为条件。前瞻性指导所提供的信息使单个价格对特定企业的技术冲击反应更灵敏,从而以较高的横截面价格变化为代价提高了生产效率。净效应提高了社会福利。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Forward Guidance under Imperfect Information
I study the effect of forward guidance in a flexible‐price economy in which both the private sector and the central bank are subject to imperfect information about the aggregate state of the economy. When forward guidance is provided, the central bank reveals its current imperfect information and commits to a policy rule that makes future policy conditional on perfect information that is only available in the future. The information provided by forward guidance makes individual prices more responsive to firm‐specific technology shocks, which increases production efficiency at the cost of higher cross‐sectional price variation. The net effect improves social welfare.
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来源期刊
CiteScore
2.90
自引率
6.70%
发文量
98
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