Ciccarone, Giuseppe and Marchetti, Enrico (2008) Revisiting the role of multiplicative uncertainty in a model without inflationary bias. Working Paper. Dipartimento di Economia Pubblica, Università di Roma La Sapienza, Roma, Italia.
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Official URL: http://dep.eco.uniroma1.it/docs/working_papers/Wp1...
Abstract
Kobayashi (2003) aims to show that, in a model without inflationary bias, an increase in the degree of multiplicative uncertainty on the transmission mechanism of monetary policy improves social welfare when central bank’s preferences are highly uncertain. We demonstrate that this result applies only to the case in which society is strictly conservative, i.e., when the weight attached to output in the social welfare function is lower than one.
| Item Type: | Monograph (Working Paper) |
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| Additional Information: | JEL classification: E52; E58 |
| Uncontrolled Keywords: | Multiplicative uncertainty; Brainard conservatism; Uncertain preferences; Monetary policy |
| Subjects: | 300 Scienze sociali > 330 Economia |
| Depositing User: | Dipartimento economia e diritto |
| Date Deposited: | 16 Mar 2009 |
| Last Modified: | 20 May 2010 12:01 |
| URI: | http://eprints.bice.rm.cnr.it/id/eprint/820 |
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