000			01213nam a22001577a 4500
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100			_aBenhirma, Kenza and Blengini, Isabella _923664
245			_aOptimal monetary policy when information is market-generated
260			_aThe Economic Journal
300			_a130(628), May, 2020: p.956-975
520			_aThe 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			_aPrivate sector's information, Optimal policy, Optimal policy _923665
773			_aThe Economic Journal
906			_aMONETARY POLICY
942			_cAR