Discreet Commitments and Discretion of Policymakers with Private Information

Elmar Mertens

No 763, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: Illustrated in a New Keynesian economy with time-varying output targets of the policymaker, belief management improves outcomes compared to symmetric information. At the margin, the policymaker tries to be intransparent about policy objectives by engineering disturbances which lower public beliefs about the persistence of output targets.

Date: 2010
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