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Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique: Reply

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Author Info

  • Eijffinger, Sylvester
  • Hoeberichts, Marco
  • Schaling, Eric

Abstract

In a comment on our recent paper in this journal, Beetsma and Jensen claim that Propositions 3 and 4 of our paper are incorrect due to minor computational mistakes. In this reply we give the correct propositions and show that our results still stand. Our conclusion is that central bank preference uncertainty may still be desirable if the beneficial effects on output variability dominate the detrimental effects on the level and variability of inflation.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 35 (2003)
Issue (Month): 1 (February)
Pages: 137-39

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Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:1:p:137-39

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Eijffinger, Sylvester C W & van der Cruijsen, Carin A B, 2007. "The Economic Impact of Central Bank Transparency: A Survey," CEPR Discussion Papers 6070, C.E.P.R. Discussion Papers.
  2. Volker Hahn, 2009. "Transparency of Central Bank Preferences," German Economic Review, Verein für Socialpolitik, vol. 10, pages 32-49, 02.
  3. Ronald A. Ratti & Sang-Kun Bae, 2004. "Inflation Contracts, Inflation and Exchange Rate Targeting, and Uncertain Central Bank Preferences," Working Papers 0422, Department of Economics, University of Missouri, revised 21 Dec 2004.

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