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Managing expectations

  • Yang K. Lu

    (Boston University)

  • Ernesto Pasten

    (Boston University)

  • Robert G. King

    (Boston University)

The idea that monetary policy is principally about "managing expectations" has taken hold in central banks around the world. Discussions of expectations management by central bankers, academics and by financial market participants frequently also include the idea that central bank credibility is imperfect. We adapt a familiar macroeconomic model so as to discuss key concepts in the area of expectations management. Our work also exemplifies a model construction approach to analyzing the dynamics of announcements, actions, and credibility that we think makes feasible a wide range of future investigations concerning the management of expectations. Copyright (c) 2008 The Ohio State University.

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File URL: https://economicdynamics.org/meetpapers/2008/paper_959.pdf
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Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 959.

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Date of creation: 2008
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Handle: RePEc:red:sed008:959
Contact details of provider: Postal:
Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

Web page: http://www.EconomicDynamics.org/society.htm
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