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dc.contributor.authorBaeriswyl, Romain
dc.contributor.authorCornand, Camille
dc.contributor.authorZiliotto, Bruno
dc.date.accessioned2019-12-20T09:31:13Z
dc.date.available2019-12-20T09:31:13Z
dc.date.issued2019
dc.identifier.issn0022-2879
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/20355
dc.language.isoenen
dc.subjectendogenous informationen
dc.subjectoverreactionen
dc.subjectcentral bank communicationen
dc.subject.ddc515en
dc.subject.classificationjelE.E5.E52en
dc.subject.classificationjelE.E5.E58en
dc.subject.classificationjelD.D8.D82en
dc.titleObserving and shaping the market: the dilemma of central banksen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWhile the central bank observes market activity to assess economic fundamentals, it shapes the market outcome through the conduct of monetary policy. A dilemma arises from this dual role because the more the central bank shapes the market, the more it influences the informational content of market outcomes. This paper analyzes how accounting for the endogeneity of information affects optimal monetary policy. By reducing the accuracy of central bank information, endogenous information calls for a higher degree of opacity, weakens accommodation policy to shocks, and broadens the range of parameters for which taking a signaling action is detrimental to welfare.en
dc.relation.isversionofjnlnameJournal of Money, Credit and Banking
dc.relation.isversionofjnldate2019-12
dc.relation.isversionofdoi10.1111/jmcb.12682en
dc.relation.isversionofjnlpublisherWileyen
dc.subject.ddclabelAnalyseen
dc.relation.forthcomingnonen
dc.relation.forthcomingprintnonen
dc.description.ssrncandidatenonen
dc.description.halcandidatenonen
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.relation.Isversionofjnlpeerreviewedouien
dc.relation.Isversionofjnlpeerreviewedouien
dc.date.updated2019-12-20T09:27:27Z
hal.person.labIds176795
hal.person.labIds102550
hal.person.labIds60


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