منابع مشابه
Reliability of Policy Announcements and the Effects of Monetary Policy
Monetary authorities regularly announce targets for monetary growth, but the market may not completely trust these announcements because they may not always be truthful. Hence, the market does not have perfect knowledge about future monetary policy and must form its expectations on the basis of information it can extract from the announcements and its observations of the actual money supply. Th...
متن کاملAnnouncements and the Role of Policy Guidance
By providing guidance about future economic developments, central banks can a¤ect private sector expectations and decisions. This can improve welfare by reducing the e¤ects of asymmetric information and by leading to smaller forecast errors. But it can also magnify the impact of noise in the central banks forecasts. I employ a model of heterogeneous information to compare outcomes under opaque...
متن کاملThe Effects of Monetary Policy and Other Announcements∗
We analyze the impact of news (information shocks) in economies where liquidity plays a role. While we also consider news about real factors, like productivity, one motivation is that central bank announcements evidently affect markets, as taken for granted by advocates of forward guidance policy. The dynamic effects can be complicated, with information about monetary policy or real factors aff...
متن کاملScheduled Announcements and Volatility Patterns: The Effects of Monetary Policy Committee Announcements on LIBOR and Short Sterling Futures and Options
Both the UK spot and futures markets in short term interest rates are found to react strongly to surprises in the scheduled announcements of the repo rate and RPI. Therefore these announcements should also affect the market for options on short term interest rates. Because the repo rate and RPI announcements are scheduled, the options market can predict the days on which announcement shocks may...
متن کاملAmbiguous Solicitation: Ambiguous Prescription
We conduct a two-phase laboratory experiment, separated by several weeks. In the first phase, we conduct urn games intended to measure ambiguity aversion on a representative population of undergraduate students. In the second phase, we invite the students back with four different solicitation treatments, varying in the ambiguity of information regarding the task and the payout of the laboratory...
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ژورنال
عنوان ژورنال: The Review of Economic Studies
سال: 2019
ISSN: 0034-6527,1467-937X
DOI: 10.1093/restud/rdz062