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Information and Uncertainty in the Theory of Monetary Policy

Editor

Listed:
  • Morten Balling
    ()

Author

Listed:
  • Helmut Wagner

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.

Suggested Citation

  • Helmut Wagner, 2007. "Information and Uncertainty in the Theory of Monetary Policy," SUERF Studies, SUERF - The European Money and Finance Forum, number 2007/1 edited by Morten Balling.
  • Handle: RePEc:erf:erfstu:44
    as

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    File URL: http://www.suerf.org/docx/s_571d3a9420bfd9219f65b643d0003bf4_1475_suerf.pdf
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    References listed on IDEAS

    as
    1. Helmut Wagner, 1999. "Central Bank Independence and the Lessons for Transition Economies from Developed and Developing Countries," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 41(4), pages 1-22, December.
    2. Michael Woodford, 2005. "Central bank communication and policy effectiveness," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, issue Aug, pages 399-474.
    3. Woodford, Michael, 1990. "Learning to Believe in Sunspots," Econometrica, Econometric Society, vol. 58(2), pages 277-307, March.
    4. 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.
    5. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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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.

    More about this item

    Keywords

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

    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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