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Revisiting the role of multiplicative uncertainty in a model without inflationary bias

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Author Info
Ciccarone, Giuseppe
Marchetti, Enrico

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Abstract

Kobayashi [Kobayashi, T., 2003. Multiplicative uncertainty in a model without inflationary bias. Economics Letters 80, 317-321.] claims that an increase in multiplicative uncertainty on the transmission mechanism of monetary policy improves social welfare when central bank's preferences are highly uncertain. We show that this result applies only when society is strictly conservative.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4W04KD4-2/2/75cf8589aed67db9ed45f1d7becbdf00
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Publisher Info
Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 104 (2009)
Issue (Month): 1 (July)
Pages: 37-39
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Handle: RePEc:eee:ecolet:v:104:y:2009:i:1:p:37-39

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Related research
Keywords: Brainard conservatism Uncertain preferences Monetary policy;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kobayashi, Teruyoshi, 2003. "Multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 80(3), pages 317-321, September. [Downloadable!] (restricted)
  2. Giuseppe Ciccarone & Enrico Marchetti & Giovanni Di Bartolomeo, 2007. "Unions, Fiscal Policy And Central Bank Transparency," Manchester School, University of Manchester, vol. 75(5), pages 617-633, 09. [Downloadable!] (restricted)
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  3. Muscatelli, Anton, 1998. "Optimal Inflation Contracts and Inflation Targets with Uncertain Central Bank Preferences: Accountability through Independence?," Economic Journal, Royal Economic Society, vol. 108(447), pages 529-42, March. [Downloadable!] (restricted)
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This page was last updated on 2009-12-12.

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