John A. Carlson () (Department of Economics, Krannert Graduate School of Management, Purdue University, West Lafayette, IN 47907.) Neven T. Valev () (Department of Economics, Andrew Young School of Policy Studies, Georgia State University, Atlanta, GA 30303.)
Abstract
When introducing a new monetary regime designed to reduce inflation, does a central bank prefer more or fewer economic agents who form informed forecasts of inflation? The relevance of the question arises because the central bank can make a decision about how much information to disseminate about the nature of the new regime. We find that the central bank will prefer a higher proportion of agents who form rational expectations if it disinflates from a high level of inflation, but not so if it disinflates from a moderate or low inflation level. Copyright 2002, Oxford University Press.
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Article provided by Oxford University Press in its journal Economic Inquiry.
Volume (Year): 40 (2002) Issue (Month): 3 (July) Pages: 450-456 Download reference. The following formats are available: HTML
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