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The two benchmark cases p
Effects of transmission uncertainty on welfare
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ability to stabilize active or passive additive uncertainty Banca d'Italia captured Central Banks component of policy context credibility model credibility problem credibility view Cukierman and Meltzer degree of policy degree of transmission denotes DRUDI effects of transmission equilibrium level ex—ante excessively active excessively passive existence of uncertainty expectations are parametric expectations with respect Hence implementation implications increase policy inflation aversion inflationary bias integrated model level of inflation loss function main problem marginal costs money growth multiplicative uncertainty normative perspective notions of policy optimal degree optimal policy order condition output growth policy effectiveness policy is excessively policy is partially policy maker's losses policy maker's welfare policy targets policy uncertainty increases private agents private sector problem is ruled problem of monetary random shock random variable rational expectations reduces the policy stabilization issue stabilize the economy Swank taking expectations trade—off transmission uncertainty type of activism uncertainty depend uncertainty view welfare effects