Optimal policy with dispersed information and uncertain monetary transmission

Gianluca Femminis; G. Piccirilli

doi:10.1016/j.econlet.2023.111204

Optimal policy with dispersed information and uncertain monetary transmission

Gianluca Femminis^*
, G. Piccirilli

^*Autore corrispondente per questo lavoro

Universitas Mercatorum

Risultato della ricerca: Contributo in rivista › Articolo

Abstract

In a setting with dispersed information, monopolistic competition and sticky-prices, a policy authority uncertain about the monetary transmission mechanism reacts prudently to supply shocks. This induces producers to ascribe an excessive importance to their private information when setting prices. To correct the ensuing inefficiency a state-contingent fiscal policy is required. (c) 2023 Elsevier B.V. All rights reserved.

Lingua originale	Inglese
pagine (da-a)	111204-111208
Numero di pagine	4
Rivista	Economics Letters
Volume	46
Numero di pubblicazione	229
DOI	https://doi.org/10.1016/j.econlet.2023.111204
Stato di pubblicazione	Pubblicato - 2023

All Science Journal Classification (ASJC) codes

Finanza
Economia ed Econometria

Keywords

Fiscal policy
Monetary transmission
Parameter uncertainty

Accesso al documento

10.1016/j.econlet.2023.111204

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abstract = "In a setting with dispersed information, monopolistic competition and sticky-prices, a policy authority uncertain about the monetary transmission mechanism reacts prudently to supply shocks. This induces producers to ascribe an excessive importance to their private information when setting prices. To correct the ensuing inefficiency a state-contingent fiscal policy is required. (c) 2023 Elsevier B.V. All rights reserved.",

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author = "Gianluca Femminis and G. Piccirilli",

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AU - Femminis, Gianluca

AU - Piccirilli, G.

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AB - In a setting with dispersed information, monopolistic competition and sticky-prices, a policy authority uncertain about the monetary transmission mechanism reacts prudently to supply shocks. This induces producers to ascribe an excessive importance to their private information when setting prices. To correct the ensuing inefficiency a state-contingent fiscal policy is required. (c) 2023 Elsevier B.V. All rights reserved.

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KW - Monetary transmission

KW - Parameter uncertainty

KW - Fiscal policy

KW - Monetary transmission

KW - Parameter uncertainty

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JO - Economics Letters

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ER -

Optimal policy with dispersed information and uncertain monetary transmission

Abstract

All Science Journal Classification (ASJC) codes

Keywords

Accesso al documento

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