Private money, settlement, and discounts
In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 54, Heft 1, S. 85-108
ISSN: 0167-2231
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In: Carnegie Rochester Conference series on public policy: a bi-annual conference proceedings, Band 54, Heft 1, S. 85-108
ISSN: 0167-2231
In: Energy economics, Band 129, S. 107255
ISSN: 1873-6181
In: FEDS Working Paper No. 2022-45
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Working paper
In: CESifo Working Paper Series No. 4633
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In: Journal of economic dynamics & control, Band 34, Heft 8, S. 1380-1391
ISSN: 0165-1889
We study credible information transmission by a benevolent Central Bank. We consider two possibilities: direct revelation through an announcement, versus indirect information transmission through monetary policy. These two ways of transmitting information have very different consequences. Since the objectives of the Central Bank and those of individual investors are not always aligned, private investors might rationally ignore announcements by the Central Bank. In contrast, information transmission through changes in the interest rate creates a distortion, thus, lending an amount of credibility. This induces the private investors to rationally take into account information revealed through monetary policy.
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In: American economic review, Band 92, Heft 2, S. 67-71
ISSN: 1944-7981
In: CESifo Working Paper Series No. 6372
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In: CESifo Working Paper Series No. 4562
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Working paper
In: FEDS Working Paper No. 2014-75
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In: Economics of Energy & Environmental Policy, Band 3, Heft 1
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In: Journal of political economy, Band 107, Heft 5, S. 929-945
ISSN: 1537-534X