文章基本信息

标题：Central Bank's Two-Way Communication with the Public and Inflation Dynamics
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作者：Kosuke Aoki, Takeshi Kimura
期刊名称：CEP Discussion Paper
出版年度：2008
卷号：2008
期号：nov
出版社：Centre for Economic Performance
摘要：Using a model of island economy where financial markets aggregate dispersed information of the public, we analyze how two-way communication between the central bank and the public affects inflation dynamics. When inflation target is observable and credible to the public, markets provide the bank with information about the aggregate state of the economy, and hence the bank can stabilize inflation. However, when inflation target is unobservable or less credible, the public updates their perceived inflation target and the information revealed from markets to the bank becomes less perfect. The degree of uncertainty facing the bank crucially depends on how two-way communication works
关键词：Monetary policy, central bank communication, inflation target