| dc.contributor.author | Arifovic, Jasmina | |
| dc.contributor.author | Grimaud, Alex | |
| dc.contributor.author | Salle, Isabelle | |
| dc.contributor.author | Vermandel, Gauthier | |
| dc.date.accessioned | 2020-07-09T10:38:15Z | |
| dc.date.available | 2020-07-09T10:38:15Z | |
| dc.date.issued | 2020-01 | |
| dc.identifier.issn | 1701-9397 | |
| dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/20927 | |
| dc.language.iso | en | en |
| dc.subject | Monetary policy | en |
| dc.subject | Monetary policy communication | en |
| dc.subject | Credibility | en |
| dc.subject | Central bankresearch | en |
| dc.subject | Economic models | en |
| dc.subject | Business fluctuations and cycles | en |
| dc.subject.ddc | 339 | en |
| dc.subject.classificationjel | E.E7.E70 | en |
| dc.subject.classificationjel | E.E5.E52 | en |
| dc.subject.classificationjel | E.E3.E32 | en |
| dc.subject.classificationjel | C.C8.C82 | en |
| dc.title | Social learning and monetary policy at the effective lower bound | en |
| dc.type | Document de travail / Working paper | |
| dc.description.abstracten | The first contribution of this paper is to develop a model that jointly accounts for the missingdisinflation in the wake of the Great Recession and the subsequently observed inflation-lessrecovery. The key mechanism works through heterogeneous expectations that may durablylose their anchorage to the central bank (CB)’s target and coordinate on particularlypersistent below-target paths. We jointly estimate the structural and the learning parametersof the model by matching moments from both macroeconomic and Survey of ProfessionalForecasters data. The welfare cost associated with those dynamics may be reduced if the CBcommunicates to the agents its target or its own inflation forecasts, as communication helpsanchor expectations at the target. However, the CB may lose its credibility whenever itsannouncements become decoupled from actual inflation, for instance in the face of large andunexpected shocks.. | en |
| dc.publisher.name | Bank of Canada | en |
| dc.publisher.city | Ottawa, Canada | en |
| dc.identifier.citationpages | 60 | en |
| dc.relation.ispartofseriestitle | Bank of Canada Staff Working Papers | en |
| dc.relation.ispartofseriesnumber | 2020-2 | en |
| dc.subject.ddclabel | Macréconomie | en |
| dc.identifier.citationdate | 2020-01 | |
| dc.description.ssrncandidate | non | en |
| dc.description.halcandidate | non | en |
| dc.description.readership | recherche | en |
| dc.description.audience | International | en |
| dc.date.updated | 2020-06-03T13:25:24Z | |
| hal.person.labIds | 82996$$$1025285 | |
| hal.person.labIds | 150053$$$104737 | |
| hal.person.labIds | 251878 | |
| hal.person.labIds | 894$$$163511 | |
