| 000 -LEADER |
|---|
| fixed length control field |
01213nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
|---|
| fixed length control field |
210122b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
|---|
| Personal name |
Benhirma, Kenza and Blengini, Isabella |
| 245 ## - TITLE STATEMENT |
|---|
| Title |
Optimal monetary policy when information is market-generated |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
|---|
| Place of publication, distribution, etc |
The Economic Journal |
| 300 ## - PHYSICAL DESCRIPTION |
|---|
| Extent |
130(628), May, 2020: p.956-975 |
| 520 ## - SUMMARY, ETC. |
|---|
| Summary, etc |
The nature of the private sector’s information changes the optimal conduct of monetary policy. When firms observe their individual demand and use it as a signal of real shocks, the optimal policy consists in maximising the information content of that signal. When real shocks are deflationary (like labour supply shocks), the optimal policy is countercyclical and magnifies price movements, which contrasts with the exogenous information case, where optimal monetary policy is procyclical and stabilises prices. When the central bank communicates its information to the public, this policy is still optimal if firms pay limited attention to central bank announcements. – Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
|---|
| Topical term or geographic name as entry element |
Private sector's information, Optimal policy, Optimal policy |
| 9 (RLIN) |
23665 |
| 773 ## - HOST ITEM ENTRY |
|---|
| Main entry heading |
The Economic Journal |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
|---|
| Subject DIP |
MONETARY POLICY |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
|---|
| Item type |
Articles |
