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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)

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    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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    Bibliographic 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;

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