Show simple item record

dc.contributor.authorArifovic, Jasmina
dc.contributor.authorGrimaud, Alex
dc.contributor.authorSalle, Isabelle
dc.contributor.authorVermandel, Gauthier
dc.date.accessioned2020-07-09T10:38:15Z
dc.date.available2020-07-09T10:38:15Z
dc.date.issued2020-01
dc.identifier.issn1701-9397
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/20927
dc.language.isoenen
dc.subjectMonetary policyen
dc.subjectMonetary policy communicationen
dc.subjectCredibilityen
dc.subjectCentral bankresearchen
dc.subjectEconomic modelsen
dc.subjectBusiness fluctuations and cyclesen
dc.subject.ddc339en
dc.subject.classificationjelE.E7.E70en
dc.subject.classificationjelE.E5.E52en
dc.subject.classificationjelE.E3.E32en
dc.subject.classificationjelC.C8.C82en
dc.titleSocial learning and monetary policy at the effective lower bounden
dc.typeDocument de travail / Working paper
dc.description.abstractenThe 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.nameBank of Canadaen
dc.publisher.cityOttawa, Canadaen
dc.identifier.citationpages60en
dc.relation.ispartofseriestitleBank of Canada Staff Working Papersen
dc.relation.ispartofseriesnumber2020-2en
dc.subject.ddclabelMacréconomieen
dc.identifier.citationdate2020-01
dc.description.ssrncandidatenonen
dc.description.halcandidatenonen
dc.description.readershiprechercheen
dc.description.audienceInternationalen
dc.date.updated2020-06-03T13:25:24Z
hal.person.labIds82996$$$1025285
hal.person.labIds150053$$$104737
hal.person.labIds251878
hal.person.labIds894$$$163511


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record