Monetary Policy with Internal Central Bank Forecasting: A Case of Heterogenous Information
Honkapohja and Mitra (2003) have analyzed the desirability of optimal and ad hoc interest rules in monetary policy when the forecasts of the private sector and the central bank are heterogenous but information is symmetric. Here we analyze the case of asymmetric information in which one party does not observe all observable shocks that the other party sees.
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