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

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  • Ciccarone, Giuseppe
  • Marchetti, Enrico

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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Bibliographic 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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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Brainard conservatism Uncertain preferences Monetary policy;

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  1. Kobayashi, Teruyoshi, 2003. "Multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 80(3), pages 317-321, September.
  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.
  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.
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Cited by:
  1. Meixing Dai, 2010. "Multiplicative uncertainty, central bank transparency and optimal degree of conservativeness," Economics Bulletin, AccessEcon, vol. 30(3), pages 1720-1726.
  2. Giuseppe Ciccarone & Enrico Marchetti, 2012. "Optimal linear contracts under common agency and uncertain central bank preferences," Public Choice, Springer, vol. 150(1), pages 263-282, January.
  3. Meixing Dai, 2012. "Static and Dynamic Effects of Central Bank Transparency," Working Papers of BETA 2012-08, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  4. Meixing Dai & Qiao Zhang, 2013. "Central bank transparency with the cost channel," Working Papers of BETA 2013-06, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

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