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Information and Uncertainty in the Theory of Monetary Policy

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  • Morten Balling
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Author Info

  • Helmut Wagner
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    Abstract

    Theory and practice of monetary policy have changed significantly over the past three decades. A very important part of today's monetary policy is management of the expectations of private market participants. Publishing and justifying the central bank's best forecast of inflation, output, and the instrument rate is argued to be the most effective way to manage those expectations.

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    File URL: http://www.suerf.org/download/studies/study20071.pdf
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    Bibliographic Info

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    This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 2007/1 and published in 2007.

    ISBN: 978-3-902109-36-1
    Handle: RePEc:erf:erfstu:44

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    Postal: SUERF c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna, Austria
    Phone: +43/1/404 20 7216
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    Web page: http://www.suerf.org
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    Postal: SUERF c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna, Austria
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    Related research

    Keywords: central banks; communication policy; institutional design; uncertainty; microfoundation;

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    References

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    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.:
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    1. Helmut Wagner, 1999. "Central Bank Independence and the Lessons for Transition Economies from Developed and Developing Countries," Comparative Economic Studies, Palgrave Macmillan, vol. 41(4), pages 1-22, December.
    2. Woodford, Michael, 1990. "Learning to Believe in Sunspots," Econometrica, Econometric Society, vol. 58(2), pages 277-307, March.
    3. Alexandre Lamfalussy, 2004. "Financial Globalisation and Financial Market Integration in Europe: Challenges Ahead for the European System of Central Banks," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
    4. Michael Woodford, 2005. "Central Bank Communication and Policy Effectiveness," NBER Working Papers 11898, National Bureau of Economic Research, Inc.
    5. Walsh, Carl E., 2005. "Endogenous objectives and the evaluation of targeting rules for monetary policy," Journal of Monetary Economics, Elsevier, vol. 52(5), pages 889-911, July.
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    Cited by:
    1. Helmut Wagner, 2010. "The causes of the recent financial crisis and the role of central banks in avoiding the next one," International Economics and Economic Policy, Springer, vol. 7(1), pages 63-82, May.

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