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Revisiting the role of multiplicative uncertainty in a model without inflationary bias

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Author Info
Giuseppe Ciccarone
Enrico Marchetti

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Abstract

Kobayashi (2003) aims to show that, in a model without inflationary bias, an increase in the degree of multiplicative uncertainty on the transmission mechanism of monetary policy improves social welfare when central bank’s preferences are highly uncertain. We demonstrate that this result applies only to the case in which society is strictly conservative, i.e., when the weight attached to output in the social welfare function is lower than one.

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File URL: http://dep.eco.uniroma1.it/docs/working_papers/Wp110.pdf
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File Function: 2008
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Publisher Info
Paper provided by Sapienza University of Rome, Department of Public Economics in its series Working Papers with number 110.

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Length: 11 pages
Date of creation: Feb 2008
Date of revision:
Handle: RePEc:sap:wpaper:110

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Related research
Keywords: Multiplicative uncertainty; Brainard conservatism; Uncertain preferences; Monetary policy;

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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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  1. Kobayashi, Teruyoshi, 2003. "Multiplicative uncertainty in a model without inflationary bias," Economics Letters, Elsevier, vol. 80(3), pages 317-321, September. [Downloadable!] (restricted)
  2. Giuseppe Ciccarone & Enrico Marchetti & Giovanni Di Bartolomeo, 2007. "Unions, Fiscal Policy And Central Bank Transparency," Manchester School, University of Manchester, vol. 75(5), pages 617-633, 09. [Downloadable!] (restricted)
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  3. Muscatelli, Anton, 1998. "Optimal Inflation Contracts and Inflation Targets with Uncertain Central Bank Preferences: Accountability through Independence?," Economic Journal, Royal Economic Society, vol. 108(447), pages 529-42, March. [Downloadable!] (restricted)
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This page was last updated on 2009-11-24.

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