Have a personal or library account? Click to login
Over-reaction to Policy Signals, and Central Bank Optimal Communication Policy Cover

Over-reaction to Policy Signals, and Central Bank Optimal Communication Policy

Open Access
|Sep 2016

References

  1. 1. Angeletos, G. M., & La’O, J. (2010). Noisy business cycles. In NBER Macroeconomics Annual 2009, Volume 24 (pp. 319-378). University of Chicago Press.10.1086/648301
  2. 2. Angeletos, G. M., and Pavan, A. (2004). Transparency of information and coordination in economies with investment complementarities (No. w10391). National Bureau of Economic Research.10.3386/w10391
  3. 3. Amato, J. D., Morris, S., and Shin, H. S. (2002). Communication and monetary policy. Oxford Review of Economic Policy, 18(4), 495-503.10.1093/oxrep/18.4.495
  4. 4. Arora, V., Arvanitis, T., Faruqee, H., N’Diaye, P., & Griffoli, T. M. (2014). Emerging market volatility: Lessons from the taper tantrum (No. 14/9). International Monetary Fund.
  5. 5. Baeriswyl, R. (2011). Endogenous central bank information and the optimal degree of transparency. International Journal of Central Banking, 7(2), 85-111.
  6. 6. Baeriswyl, R., and Cornand, C. (2011). Transparency and monetary policy effectiveness. Annals of Economics and Statistics/Annales d’Économie et de Statistique, 175-194.10.2307/41615498
  7. 7. Cooper, R. (1999). Coordination games. Cambridge University Press.10.1017/CBO9780511609428
  8. 8. Cornand, C., & Heinemann, F. (2008). Optimal degree of public information dissemination. The Economic Journal, 118(528), 718-742.10.1111/j.1468-0297.2008.02139.x
  9. 9. Hayek, F. A. (1945). The use of knowledge in society. The American economic review, 519-530.
  10. 10. Heinemann, F., & Illing, G. (2002). Speculative attacks: unique equilibrium and transparency. Journal of International Economics, 58(2), 429-450.10.1016/S0022-1996(01)00167-2
  11. 11. Hellwig, C. (2004). Heterogeneous information and the benefits of public information disclosures (october 2005) (No. 283). UCLA Department of Economics.
  12. 12. Jalali-Naini, Ahmad Reza, Mohammad Amin Naderain (2014), “Social Value of Information and Optimal Communication Policy of Central Banks.” Journal of Money and Economy, Vol. 9, No.3.
  13. 13. Lucas, R. E. (1972). Expectations and the Neutrality of Money. Journal of economic theory, 4(2), 103-124.10.1016/0022-0531(72)90142-1
  14. 14. Lucas, R. E. (1973). Some international evidence on output-inflation tradeoffs. The American Economic Review, 326-334.
  15. 15. Morris, S., & Shin, H. S. (2002). Social value of public information. The American Economic Review, 92(5), 1521-1534.10.1257/000282802762024610
  16. 16. Morris, S., Shin, H. S., & Tong, H. (2006). Social value of public information: Morris and Shin (2002) is actually pro-transparency, not con: Reply. The American Economic Review, 453-455.10.1257/000282806776157597
  17. 17. Morris, S., & Shin, H. S. (2007). Optimal communication. Journal of the European Economic Association, 5(2-3), 594-602.10.1162/jeea.2007.5.2-3.594
  18. 18. Morris, S., & Shin, H. S. (2001). Rethinking multiple equilibria in macroeconomic modeling. In NBER Macroeconomics Annual 2000, Volume 15(pp. 139-182). MIT Press.
  19. 19. Morris, S., & Shin, H. S. (2005). Central bank transparency and the signal value of prices. Brookings Papers on Economic Activity, 2005(2), 1-66.10.1353/eca.2006.0008
  20. 20. Phelps, Edmund S. “Introduction,” in E. S. Phelps et al., eds., Microeconomic foundations of employment and information theory. New York: Norton, 1970, pp. 1-23.
  21. 21. Phelps, Edmund S. “The Trouble with Rational Expectations and the Problem of Inflation Stabilization,” in R. Frydman and E. S. Phelps, eds., Individual forecasting and aggregate outcomes. New York: Cambridge University Press, 1983, pp. 31-40.10.1017/CBO9780511625763.003
  22. 22. Romer, C. D., & Romer, D. H. (2000). Federal Reserve Information and the Behavior of Interest Rates (Digest Summary). American Economic Review,90(3), 429-457.10.1257/aer.90.3.429
  23. 23. Svensson, Lars E. O. (2006). Social Value of Public Information: Comment: Morris and Shin (2002) Is Actually Pro Transparency, Not Con, American Economic Review, 96(1), pp. 448–452.
  24. 24. Ui, T. (2003). A note on the Lucas model: iterated expectations and the neutrality of money. Unpublished paper, Yokohama National University.
  25. 25. Walsh, C. E. (2010). Monetary theory and policy. MIT press.
  26. 26. Woodford, M. (2005). Central bank communication and policy effectiveness (No. w11898). National Bureau of Economic Research.10.3386/w11898
Language: English
Page range: 165 - 187
Submitted on: Aug 23, 2015
Accepted on: May 15, 2016
Published on: Sep 23, 2016
Published by: Central Bank of Montenegro
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year

© 2016 Ahmad-Reza Jalali Naini, Mohammad-Amin Naderian, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.