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dc.contributor.authorWohltmann, Hans-Werneren
dc.contributor.authorWinkler, Roland C.en
dc.date.accessioned2009-08-12T07:36:14Z-
dc.date.available2009-08-12T07:36:14Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aKiel University, Department of Economics |cKielen
dc.relation.ispartofseries|aEconomics Working Paper |x2008-21en
dc.subject.jelE52en
dc.subject.jelE32en
dc.subject.jelE31en
dc.subject.ddc330en
dc.subject.keywordAnticipated Shocksen
dc.subject.keywordOptimal Monetary Policyen
dc.subject.keywordSticky Pricesen
dc.subject.keywordWelfare Analysisen
dc.subject.stwKostenen
dc.subject.stwSchocken
dc.subject.stwErwartungstheorieen
dc.subject.stwGeldpolitiken
dc.subject.stwPreisrigiditäten
dc.subject.stwWohlfahrtseffekten
dc.subject.stwTheorieen
dc.titleOn the Non-Optimality of Information: An Analysis of the Welfare Effects of Anticipated Shocks in the New Keynesian Model-
dc.typeWorking Paperen
dc.identifier.ppn58981365Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cauewp:7469en

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