Monetary policy and private sector misperceptions about the natural level of output

Jarkko Jääskelä and Jack McKeown

Bank of England working papers from Bank of England

Abstract: In this paper we illustrate, using a simple model of monetary policy, the welfare costs of the private sector and/or the central bank being uncertain about the natural level of output. It turns out that monetary policy strategies that put less weight on output stabilisation can offset some of these welfare costs.

Date: 2005-10
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:boe:boeewp:279

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