Arbeitspapier

Monetary policy under imperfect information and consumer confidence

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Although it is generally accepted that consumer confidence measures are informative signals about the state of the economy, theoretical macroeconomic models designed for the analysis of monetary policy typically do not provide a role for them. I develop a framework with asymmetric information in which the efficacy of monetary policy can be improved, when the imperfectly informed central banks include confidence measures in their information set. The beneficial welfare effects are quantitatively substantial in both a stylized New Keynesian model with optimal monetary policy and an estimated medium-scale DSGE model.

Sprache
Englisch

Erschienen in
Series: Economics Working Paper ; No. 2020-04

Klassifikation
Wirtschaft
Asymmetric and Private Information; Mechanism Design
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
Expectations; Speculations
Monetary Policy
Central Banks and Their Policies
Macro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy‡
Thema
Consumer confidence
Monetary policy
Asymmetric information
Imperfect Information
New Keynesian macroeconomics
DSGE models

Ereignis
Geistige Schöpfung
(wer)
Brenneisen, Jan-Niklas
Ereignis
Veröffentlichung
(wer)
Kiel University, Department of Economics
(wo)
Kiel
(wann)
2020

Handle
Letzte Aktualisierung
10.03.2025, 11:43 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
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Objekttyp

  • Arbeitspapier

Beteiligte

  • Brenneisen, Jan-Niklas
  • Kiel University, Department of Economics

Entstanden

  • 2020

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