Public and private information in monetary policy models

Hyun Song Shin and Jeffery Amato
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Jeffery Amato: Goldman Sachs International

No 138, BIS Working Papers from Bank for International Settlements

Abstract: This paper examines the impact of public information in an economy where agents also have diverse private information. Since disclosures by central banks are an important source of public information, we are able to assess how the words of central bankers shape expectations, in addition to their actions. In an otherwise standard macro model, the disproportionate role of public information degrades the information value of economic outcomes, alters the welfare consequences of increased precision of public information and generates distinctive time series characteristics of some macro variables.

Keywords: Public and private information; monetary policy models (search for similar items in EconPapers)
JEL-codes: D43 D82 D84 E31 E52 (search for similar items in EconPapers)
Pages: 81 pages
Date: 2003-09
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Citations: View citations in EconPapers (81)

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Related works:
Working Paper: Public and Private Information in Monetary Policy Models (2004)
Working Paper: Public and Private Information in Monetary Policy Models (2003)
Working Paper: Public and Private Information in Monetary Policy Models (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:138

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