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dc.contributor.authorAoki, Kosukeen
dc.contributor.authorKimura, Takeshien
dc.date.accessioned2009-01-28T16:02:03Z-
dc.date.available2009-01-28T16:02:03Z-
dc.date.issued2007-
dc.identifier.urihttp://hdl.handle.net/10419/19695-
dc.description.abstractWe analyse the interaction between private agents? uncertainty about inflation target and the central bank's data uncertainty. In our model, private agents update their perceived inflation target and the central bank estimates unobservable economic shocks as well as the perceived inflation target. Under those two uncertainties, the learning process of both private agents and the central bank causes higher order beliefs to become relevant, and this mechanism is capable of generating high persistence and volatility of inflation even though the underlying shocks are purely transitory. We also find that the persistence and volatility become smaller as the inflation target becomes more credible, that is, the private agents' uncertainty about inflation target (and hence the bank's data uncertainty) diminishes.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2007,18en
dc.subject.jelE58en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordMonetary policyen
dc.subject.keywordcentral banksen
dc.subject.stwInflation Targetingen
dc.subject.stwGlaubwürdigkeiten
dc.subject.stwRisikoen
dc.subject.stwInflationserwartungen
dc.subject.stwGeldpolitiken
dc.subject.stwInflationen
dc.subject.stwVolatilitäten
dc.subject.stwTheorieen
dc.titleUncertainty about perceived inflation target and monetary policy-
dc.typeWorking Paperen
dc.identifier.ppn543474283en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:6139en

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