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Public and private information in monetary policy models

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Author Info
Hyun Song Shin (Princeton University - Department of Economics)
Jeffery D. Amato (Goldman Sachs International)
Abstract

This paper examines the impact of public information in an economy where agents also have diverse private information. Since disclosures by central banks are an important source of public information, we are able to assess how the words of central bankers shape expectations, in addition to their actions. In an otherwise standard macro model, the disproportionate role of public information degrades the information value of economic outcomes, alters the welfare consequences of increased precision of public information and generates distinctive time series characteristics of some macro variables.

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Publisher Info
Paper provided by Bank for International Settlements in its series BIS Working Papers with number 138.

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Length: 81 pages
Date of creation: Sep 2003
Date of revision:
Handle: RePEc:bis:biswps:138

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Related research
Keywords: Public and private information; monetary policy models;

Find related papers by JEL classification:
D43 - Microeconomics - - Market Structure and Pricing - - - Oligopoly and Other Forms of Market Imperfection
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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This page was last updated on 2009-11-20.

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