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dc.contributor.authorWohltmann, Hans-Werneren_US
dc.contributor.authorWinkler, Roland C.en_US
dc.date.accessioned2009-08-12T07:36:14Z-
dc.date.available2009-08-12T07:36:14Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27676-
dc.description.abstractThis paper compares the welfare effects of anticipated and unanticipated cost-push shocks in the canonical New Keynesian model with optimal monetary policy. We find that, for empirically plausible degrees of nominal rigidity, the anticipation of a future cost-push shock leads to a higher welfare loss than an unanticipated shock. A welfare gain from the anticipation of a future cost shock may only occur if prices are sufficiently flexible. We analytically show that this surprising result holds although unanticipated shocks lead to higher negative impact effects on welfare than anticipated shocks.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesEconomics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2008,21en_US
dc.subject.jelE52en_US
dc.subject.jelE32en_US
dc.subject.jelE31en_US
dc.subject.ddc330en_US
dc.subject.keywordAnticipated Shocksen_US
dc.subject.keywordOptimal Monetary Policyen_US
dc.subject.keywordSticky Pricesen_US
dc.subject.keywordWelfare Analysisen_US
dc.subject.stwKostenen_US
dc.subject.stwSchocken_US
dc.subject.stwErwartungstheorieen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwTheorieen_US
dc.titleOn the Non-Optimality of Information: An Analysis of the Welfare Effects of Anticipated Shocks in the New Keynesian Modelen_US
dc.typeWorking Paperen_US
dc.identifier.ppn58981365Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cauewp:7469-
Appears in Collections:Economics Working Papers, Department of Economics, CAU Kiel

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