State-dependent Central Bank Communication with Heterogeneous Beliefs
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Manuel Amador & Pierre-Olivier Weill, 2010.
"Learning from Prices: Public Communication and Welfare,"
Journal of Political Economy, University of Chicago Press, vol. 118(5), pages 866-907.
- Manuel Amador & Pierre Olivier Weill, 2008. "Learning from Prices: Public Communication and Welfare," 2008 Meeting Papers 390, Society for Economic Dynamics.
- Manuel Amador & Pierre-Olivier Weill, 2008. "Learning from Prices: Public Communication and Welfare," NBER Working Papers 14255, National Bureau of Economic Research, Inc.
- Ryan Chahrour, 2014.
"Public Communication and Information Acquisition,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 6(3), pages 73-101, July.
- Ryan Chahrour, 2012. "Public Communication and Information Acquisition," Boston College Working Papers in Economics 803, Boston College Department of Economics.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008.
"Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence,"
Journal of Economic Literature, American Economic Association, vol. 46(4), pages 910-945, December.
- Blinder, Alan S. & Ehrmann, Michael & Fratzscher, Marcel & de Haan, Jakob & Jansen, David-Jan, 2008. "Central Bank communication and monetary policy: a survey of theory and evidence," Working Paper Series 898, European Central Bank.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob de Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," DNB Working Papers 170, Netherlands Central Bank, Research Department.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Working Papers 1038, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," NBER Working Papers 13932, National Bureau of Economic Research, Inc.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Working Papers 2008-2, Princeton University. Economics Department..
- Eijffinger, Sylvester C.W. & Geraats, Petra M., 2006.
"How transparent are central banks?,"
European Journal of Political Economy, Elsevier, vol. 22(1), pages 1-21, March.
- Eijffinger, Sylvester & Geraats, Petra, 2002. "How Transparent are Central Banks?," CEPR Discussion Papers 3188, C.E.P.R. Discussion Papers.
- Eijffinger, S.C.W. & Geraats, P., 2006. "How transparent are central banks?," Other publications TiSEM b34dfb1f-520f-4787-a08f-5, Tilburg University, School of Economics and Management.
- Eijffinger, S.C.W. & Geraats, P.M., 2004. "How Transparent Are Central Banks?," Cambridge Working Papers in Economics 0411, Faculty of Economics, University of Cambridge.
- Eijffinger, S.C.W. & Geraats, P., 2002. "How Transparent are Central Banks?," Other publications TiSEM fbb8af2d-0508-4185-9710-4, Tilburg University, School of Economics and Management.
- Luis Rayo & Ilya Segal, 2010. "Optimal Information Disclosure," Journal of Political Economy, University of Chicago Press, vol. 118(5), pages 949-987.
- Dirk Bergemann & Stephen Morris, 2016.
"Information Design, Bayesian Persuasion, and Bayes Correlated Equilibrium,"
American Economic Review, American Economic Association, vol. 106(5), pages 586-591, May.
- Dirk Bergemann & Stephen Morris, 2016. "Information Design, Bayesian Persuasion and Bayes Correlated Equilibrium," Cowles Foundation Discussion Papers 2027, Cowles Foundation for Research in Economics, Yale University.
- Dirk Bergemann & Stephen Morris, 2016. "Information Design, Bayesian Persuasion And Bayes Correlated Equilibrium," Working Papers 076_2016, Princeton University, Department of Economics, Econometric Research Program..
- George-Marios Angeletos & Alessandro Pavan, 2007. "Efficient Use of Information and Social Value of Information," Econometrica, Econometric Society, vol. 75(4), pages 1103-1142, July.
- Gaetano Gaballo, 2016.
"Rational Inattention to News: The Perils of Forward Guidance,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 8(1), pages 42-97, January.
- Gaetano Gaballo, 2013. "Rational Inattention to News: The Perils of Forward Guidance," Working papers 416, Banque de France.
- Henrik Jensen, 2002.
"Optimal Degrees of Transparency in Monetary Policymaking,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 104(3), pages 399-422, September.
- Henrik Jensen, "undated". "Optimal Degrees of Tranaparency in Monetary Policymaking," EPRU Working Paper Series 01-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
- Jensen, Henrik, 2001. "Optimal Degrees of Transparency in Monetary Policymaking," CEPR Discussion Papers 2689, C.E.P.R. Discussion Papers.
- Jensen, Henrik, 2001. "Optimal degrees of transparency in monetary policymaking," Discussion Paper Series 1: Economic Studies 2001,04, Deutsche Bundesbank.
- George-Marios Angeletos & Alessandro Pavan, 2007.
"Socially Optimal Coordination: Characterization and Policy Implications,"
Journal of the European Economic Association, MIT Press, vol. 5(2-3), pages 585-593, 04-05.
- George-Marios Angeletos & Alessandro Pavan, 2006. "Socially Optimal Coordination: Characterization and Policy Implications," NBER Working Papers 12778, National Bureau of Economic Research, Inc.
- George-Marios Angeletos & Alessandro Pavan, 2006. "Socially Optimal Coordination: Characterization and Policy Implications," Discussion Papers 1496, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Wataru Tamura, 2016. "Optimal Monetary Policy and Transparency under Informational Frictions," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 48(6), pages 1293-1314, September.
- Paul Hubert, 2014.
"FOMC Forecasts as a Focal Point for Private Expectations,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 46(7), pages 1381-1420, October.
- Paul Hubert, 2013. "FOMC forecasts as a focal point for private expectations," Documents de Travail de l'OFCE 2013-12, Observatoire Francais des Conjonctures Economiques (OFCE).
- Paul Hubert, 2014. "FOMC Forecasts as a Focal Point for Private Expectations," SciencePo Working papers Main hal-03399408, HAL.
- Paul Hubert, 2014. "FOMC Forecasts as a Focal Point for Private Expectations," Post-Print hal-03399408, HAL.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008.
"Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence,"
Journal of Economic Literature, American Economic Association, vol. 46(4), pages 910-945, December.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob de Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," DNB Working Papers 170, Netherlands Central Bank, Research Department.
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Working Papers 1038, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," NBER Working Papers 13932, National Bureau of Economic Research, Inc.
- Blinder, Alan S. & Ehrmann, Michael & Fratzscher, Marcel & de Haan, Jakob & Jansen, David-Jan, 2008. "Central Bank communication and monetary policy: a survey of theory and evidence," Working Paper Series 898, European Central Bank.
- Morris, Stephen, 1994. "Trade with Heterogeneous Prior Beliefs and Asymmetric Information," Econometrica, Econometric Society, vol. 62(6), pages 1327-1347, November.
- repec:pri:cepsud:161blinder is not listed on IDEAS
- Stephen Morris & Hyun Song Shin, 2005. "Central Bank Transparency and the Signal Value of Prices," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(2), pages 1-66.
- Renault, Jérôme & Solan, Eilon & Vieille, Nicolas, 2017.
"Optimal dynamic information provision,"
Games and Economic Behavior, Elsevier, vol. 104(C), pages 329-349.
- Renault, Jérôme & Solan, Eilon & Vieille, Nicolas, 2017. "Optimal Dynamic Information Provision," TSE Working Papers 17-749, Toulouse School of Economics (TSE).
- Stephen Morris & Hyun Song Shin, 2018.
"Central Bank Forward Guidance and the Signal Value of Market Prices,"
AEA Papers and Proceedings, American Economic Association, vol. 108, pages 572-577, May.
- Stephen Morris & Hyun Song Shin, 2018. "Central bank forward guidance and the signal value of market prices," BIS Working Papers 692, Bank for International Settlements.
- Matthew Gentzkow & Emir Kamenica, 2017. "Disclosure of endogenous information," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(1), pages 47-56, April.
- Morris, Stephen, 1995. "The Common Prior Assumption in Economic Theory," Economics and Philosophy, Cambridge University Press, vol. 11(2), pages 227-253, October.
- Goldstein, Itay & Leitner, Yaron, 2018. "Stress tests and information disclosure," Journal of Economic Theory, Elsevier, vol. 177(C), pages 34-69.
- Petra M. Geraats, 2002. "Central Bank Transparency," Economic Journal, Royal Economic Society, vol. 112(483), pages 532-565, November.
- Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
- Crawford, Vincent P & Sobel, Joel, 1982.
"Strategic Information Transmission,"
Econometrica, Econometric Society, vol. 50(6), pages 1431-1451, November.
- V. Crawford & J. Sobel, 2010. "Strategic Information Transmission," Levine's Working Paper Archive 544, David K. Levine.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Jonathan G. James & Phillip Lawler, 2015. "Heterogeneous private sector information, central bank disclosure, and stabilization policy," Southern Economic Journal, John Wiley & Sons, vol. 82(2), pages 620-634, October.
- Romain Baeriswyl & Camille Cornand & Bruno Ziliotto, 2020.
"Observing and Shaping the Market: The Dilemma of Central Banks,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(8), pages 1973-2005, December.
- Romain Baeriswyl & Camille Cornand & Bruno Ziliotto, 2016. "Observing and shaping the market: the dilemma of central banks," Working Papers 1623, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
- Camille Cornand & Romain Baeriswyl & Bruno Ziliotto, 2019. "Observing and shaping the market: the dilemma of central banks," Post-Print hal-01644269, HAL.
- Romain Baeriswyl & Camille Cornand & Bruno Ziliotto, 2018. "Observing and shaping the market: the dilemma of central banks," Working Papers 2018-03, Swiss National Bank.
- Romain Baeriswyl & Camille Cornand & Bruno Ziliotto, 2016. "Observing and shaping the market: the dilemma of central banks," Working Papers halshs-01340635, HAL.
- van der Cruijsen, C.A.B., 2008. "The economic impact of central bank transparency," Other publications TiSEM 86c1ba91-1952-45b4-adac-8, Tilburg University, School of Economics and Management.
- Coenen, Günter & Ehrmann, Michael & Gaballo, Gaetano & Hoffmann, Peter & Nakov, Anton & Nardelli, Stefano & Persson, Eric & Strasser, Georg, 2017.
"Communication of monetary policy in unconventional times,"
Working Paper Series
2080, European Central Bank.
- Coenen, Günter & Ehrmann, Michael & Gaballo, Gaetano & Hoffmann, Peter & Nakov, Anton & Nardelli, Stefano & Persson, Eric & Strasser, Georg H., 2017. "Communication of monetary policy in unconventional times," CFS Working Paper Series 578, Center for Financial Studies (CFS).
- Meixing Dai & Moïse Sidiropoulos, 2017. "How multiplicative uncertainty affects the tradeoff between information disclosure and stabilisation policy?," Working Papers of BETA 2017-15, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
- Ricardo Reis, 2013.
"Central Bank Design,"
Journal of Economic Perspectives, American Economic Association, vol. 27(4), pages 17-44, Fall.
- Ricardo Reis, 2013. "Central Bank Design," NBER Working Papers 19187, National Bureau of Economic Research, Inc.
- Ngomba Bodi, Francis Ghislain & Tadadjeu Wemba, Dessy-Karl & Soulemanou, Soulemanou, 2020. "Transparence des Banques Centrales et efficacité de la politique monétaire : quelles implications pour la Banque des Etats de l’Afrique Centrale ? [Central Bank's Transparency and effectiveness of ," MPRA Paper 116436, University Library of Munich, Germany.
- Ahrens, Steffen & Lustenhouwer, Joep & Tettamanzi, Michele, 2017.
"The Stabilizing Role of Forward Guidance: A Macro Experiment,"
VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking
168063, Verein für Socialpolitik / German Economic Association.
- Ahrens, Steffen & Lustenhouwer, Joep & Tettamanzi, Michele, 2018. "The stabilizing role of forward guidance: A macro experiment," BERG Working Paper Series 137, Bamberg University, Bamberg Economic Research Group.
- Eichler, Stefan & Littke, Helge C.N. & Tonzer, Lena, 2017.
"Central bank transparency and cross-border banking,"
Journal of International Money and Finance, Elsevier, vol. 74(C), pages 1-30.
- Littke, Helge C. N. & Eichler, Stefan & Tonzer, Lena, 2016. "Central Bank Transparency and Cross-Border Banking," VfS Annual Conference 2016 (Augsburg): Demographic Change 145598, Verein für Socialpolitik / German Economic Association.
- Eichler, Stefan & Littke, Helge & Tonzer, Lena, 2016. "Central Bank Transparency and Cross-border Banking," IWH Discussion Papers 16/2016, Halle Institute for Economic Research (IWH).
- James, Jonathan G. & Lawler, Phillip, 2012. "Heterogeneous information quality; strategic complementarities and optimal policy design," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 342-352.
- Ruiz-Buforn, Alba & Camacho-Cuena, Eva & Morone, Andrea & Alfarano, Simone, 2021.
"Overweighting of public information in financial markets: A lesson from the lab,"
Journal of Banking & Finance, Elsevier, vol. 133(C).
- Ruiz-Buforn, Alba & Camacho-Cuena, Eva & Morone, Andrea & Alfarano, Simone, 2020. "Overweighting of public information in financial markets: A lesson from the lab," MPRA Paper 98472, University Library of Munich, Germany.
- Petra Geraats, 2014. "Monetary Policy Transparency," CESifo Working Paper Series 4611, CESifo.
- Vereda, Luciano & Savignon, João & Gouveia da Silva, Tarciso, 2024. "A theory-based method to evaluate the impact of central bank inflation forecasts on private inflation expectations," International Journal of Forecasting, Elsevier, vol. 40(3), pages 1069-1084.
- Ippei Fujiwara & Yuichiro Waki, 2022.
"The Delphic forward guidance puzzle in New Keynesian models,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 46, pages 280-301, October.
- Ippei Fujiwara & Yuichiro Waki, 2021. "Online Appendix to "The Delphic forward guidance puzzle in New Keynesian models"," Online Appendices 19-50, Review of Economic Dynamics.
- Bezerra Bisneto, João Lídio, 2016. "Communication policy with public uncertainty," Textos para discussão 431, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
- Petra M. Geraats, 2009.
"Trends in Monetary Policy Transparency,"
International Finance, Wiley Blackwell, vol. 12(2), pages 235-268, August.
- Petra Geraats, 2009. "Trends in Monetary Policy Transparency," CESifo Working Paper Series 2584, CESifo.
- Jonathan G. James & Phillip Lawler, 2012. "Strategic Complementarity, Stabilization Policy, and the Optimal Degree of Publicity," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(4), pages 551-572, June.
- David-Jan Jansen, 2008. "Has the Clarity of Humphrey-Hawkins Testimonies Affected Volatility in Financial Markets?," DNB Working Papers 185, Netherlands Central Bank, Research Department.
- Sheila Dow & Matthias Klaes & Alberto Montagnoli, 2009. "Risk And Uncertainty In Central Bank Signals: An Analysis Of Monetary Policy Committee Minutes," Metroeconomica, Wiley Blackwell, vol. 60(4), pages 584-618, November.
- Hwang, In Do & Lustenberger, Thomas & Rossi, Enzo, 2021. "Does communication influence executives’ opinion of central bank policy?☆," Journal of International Money and Finance, Elsevier, vol. 115(C).
More about this item
Keywords
Central Bank Communication; Bayesian Persuasion; Expectations; Forecasts;All these keywords.
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
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBA-2022-07-18 (Central Banking)
- NEP-DEM-2022-07-18 (Demographic Economics)
- NEP-GTH-2022-07-18 (Game Theory)
- NEP-MAC-2022-07-18 (Macroeconomics)
- NEP-MON-2022-07-18 (Monetary Economics)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bfr:banfra:875. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael brassart (email available below). General contact details of provider: https://edirc.repec.org/data/bdfgvfr.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.