Code for: "Learning by Sharing: Monetary Policy and Common Knowledge"
Principal Investigator(s): View help for Principal Investigator(s) Alexandre Kohlhas, Institute for International Economic Studies
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| _alternative_specification | 01/06/2021 05:11:AM | ||
| _baseline_model | 01/06/2021 05:11:AM | ||
|
|
text/plain | 1.1 KB | 01/06/2021 12:11:AM |
|
|
text/plain | 4.5 KB | 01/06/2021 12:11:AM |
|
|
text/plain | 3.2 KB | 01/06/2021 12:11:AM |
|
|
application/x-tex | 1 KB | 01/06/2021 12:11:AM |
Project Citation:
Kohlhas, Alexandre. Code for: “Learning by Sharing: Monetary Policy and Common Knowledge.” Nashville, TN: American Economic Association [publisher], 2022. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-06-24. https://doi.org/10.3886/E124281V1
Project Description
Summary:
View help for Summary
A common view states that central bank releases decrease central banks’ own information about the economy and are harmful if about inefficient disturbances, such as
cost-push shocks. This paper shows how neither is true in a micro-founded macroeconomic model in which households and firms learn from central bank releases and the
central bank learns from the observation of firm prices. Central bank releases make
private sector and central bank expectations closer to common knowledge. This helps
transmit dispersed information between the private sector and the central bank. As
a result, the release of additional central bank information decreases the central bank’s
own uncertainty and can be beneficial, irrespective of the efficacy of macroeconomic fluctuations. A calibrated example suggests that the benefits of disclosure are substantial.
Scope of Project
JEL Classification:
View help for JEL Classification
D82 Asymmetric and Private Information; Mechanism Design
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
E52 Monetary Policy
D82 Asymmetric and Private Information; Mechanism Design
D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
E52 Monetary Policy
Geographic Coverage:
View help for Geographic Coverage
US
Time Period(s):
View help for Time Period(s)
1968 – 2007
Collection Date(s):
View help for Collection Date(s)
2017 – 2017 (No independent collection of data)
Universe:
View help for Universe
Countries: United States of America
Data Type(s):
View help for Data Type(s)
program source code
Related Publications
Published Versions
Report a Problem
Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.
This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.