haku: @author Polemarchakis, H. M. / yhteensä: 8
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| Tekijä: | Polemarchakis, H. M. Seccia, G. |
| Otsikko: | A Role for Monetary Policy when Prices Reveal Information: An Example |
| Lehti: | Journal of Economic Theory
2000 : NOV, VOL. 95:1, p. 107-116 |
| Asiasana: | MONETARY POLICY EQUILIBRIUM ANALYSIS EQUILIBRIUM THEORY PRICES EFFECTIVENESS |
| Kieli: | eng |
| Tiivistelmä: | In an example, monetary policy can determine the information revealed by prices, and thus it can be effective There exists an open set of distinct, competitive equilibrium allocations associated with fully non- informative rates of interest and a unique competitive equilibrium allocation associated with fully revealing rates of interest. Monetary policy that varies only with public information can guarantee the full revelation of information at equilibrium, which is optimal. A generic set of monetary policies indeed attains full revelation but this is not completing, since monetary policy is not an exogenous, structural parameter. Full indexation need not attain full revelation an, as a consequence, need not implement an optimal location. |
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