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作者：Crowe, Christopher
作者单位：International Monetary Fund
摘要：Using inflation forecast data for 11 IT adoption countries, IT adoption is found to promote convergence in forecast errors, suggesting that it enhances transparency. This result, Which is subjected to several robustness checks and found to be robust, supports Morris and Shin's (2002) contention that better public information is most beneficial for forecasters with bad private information. However, it does not Support their hypothesis that better public information could make private forecasts ...
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作者：Green, Edward J.; Zhou, Ruilin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In a random-matching economy of traders who maximize cumulative consumption (overtaking criterion), the stationary, Markov, Bayesian-perfect equilibrium is studied. At Such equilibrium two results hold: (1) perfect substitutability between current and future consumption implies a no-surplus condition; and (2) by the no-surplus condition, there is a nominal price at which all trades must Occur. These results strengthen the seminal results of Ostroy (1973) regarding monetary bilateral exchange i...
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作者：Kurozumi, Takushi; Van Zandweghe, Willem
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Bank of Japan
摘要：In a sticky-price model with labor market search and matching frictions, forecast-based interest rate policy almost always induces indeterminacy when it is strictly inflation targeting and satisfies the Taylor principle. Indeterminacy is due to a vacancy channel of monetary policy that makes inflation expectations self-fulfilling. The effect of this channel strengthens as the sluggishness of the adjustment of employment relative to that of consumption increases. When this relative sluggishness...
