| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27313 |
| 来源ID | Working Paper 27313 |
| Monetary Policy with Opinionated Markets | |
| Ricardo J. Caballero; Alp Simsek | |
| 发表日期 | 2020-06-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We build a model in which the Fed and the market disagree about future aggregate demand. The market anticipates monetary policy “mistakes,” which affect current demand and induce the Fed to partially accommodate the market’s view. The Fed expects to implement its view gradually. Announcements that reveal an unexpected change in the Fed’s belief provide a microfoundation for monetary policy shocks. Tantrum shocks arise when the market misinterprets the Fed’s belief and overreacts to its announcement. Uncertainty about tantrums motivates further gradualism and communication. Finally, disagreements affect the market’s expected inflation and induce a policy trade-off similar to “cost-push” shocks. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w27313 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584984 |
| 推荐引用方式 GB/T 7714 | Ricardo J. Caballero,Alp Simsek. Monetary Policy with Opinionated Markets. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27313.pdf（1387KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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