Why Central Banks Announce their Objectives: Monetary Policy with Discretionary Signalling
AbstractThis paper analyzes the use of announcements of objectives or intentions, announcements which are common in implementation of monetary policy. This paper assumes that a central bank can signal at its own discretion and shows that while central banks with high inflation targets never use announcements, central banks with low inflation targets occasionally, but not always, will choose to reveal their private information through an announcement.
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Bibliographic InfoPaper provided by Stockholm - International Economic Studies in its series Papers with number 663.
Length: 22 pages
Date of creation: 1999
Date of revision:
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Postal: UNIVERSITY OF STOCKHOLM, INSTITUTE FOR INTERNATIONAL ECONOMIC STUDIES, S- 106 91 STOCKHOLM SWEDEN.
Web page: http://www.iies.su.se/
More information through EDIRC
MONETARY POLICY ; CENTRAL BANKS ; ECONOMIC POLICY;
Find related papers by JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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- Tarkka, Juha & Mayes, David, 1999. "The Value of Publishing Official Central Bank Forecasts," Research Discussion Papers 22/1999, Bank of Finland.
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