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Essays on Monetary and Fiscal Policy Under Imperfect Information
Başlık:
Essays on Monetary and Fiscal Policy Under Imperfect Information
Yazar:
Park, Kwangyong, author.
ISBN:
9780438074439
Yazar Ek Girişi:
Fiziksel Tanımlama:
1 electronic resource (211 pages)
Genel Not:
Source: Dissertation Abstracts International, Volume: 79-11(E), Section: A.
Advisors: Eric M. Leeper Committee members: Grey Gordon; Bulent Guler; Todd B. Walker.
Özet:
In this dissertation, I address three questions about the interaction between imperfect information and monetary or fiscal policy. The first chapter of my dissertation, entitled "Central Bank Credibility and Monetary Policy," focuses on the relationship between central bank credibility and the effectiveness of monetary policy. In this chapter, private agents evaluate central bank's credibility as private agents do not have perfect information about the policy target and central bank's commitment to the target. I find that a decrease in central bank credibility can endogenously cause more volatile developments of aggregate variables especially inflation.
The second chapter, entitled "Uncertainty, Attention Allocation and Monetary Policy Asymmetry," documents that monetary policy is more effective to boost the economy when economy-wide uncertainty is heightened. Specifically, when the standard deviations of aggregate and idiosyncratic productivity increase, firms, which are constrained by the information flow constraint, allocate more attention to productivity and less to the monetary policy shock. Consequently, it becomes harder to evaluate whether changes in demand come from changes in the money supply or relative price advantage. Thus, the money supply shock can boost the real activity more. In addition, I provide empirical evidence of the result based on a threshold vector autoregression model.
While the first two chapters explore the roles of information in monetary policy, the third chapter, entitled "Roles of Imperfect Information and Government Debt Maturity on the Government Spending Multiplier," is devoted to proposing a new theoretical framework in which the government spending can stimulate the economy. Compared to the full information benchmark, a dispersed information model produces larger government spending multipliers. In addition, Ricardian equivalence does not hold in imperfect information models; the longer the maturity of government debt, the smaller the multipliers.
Notlar:
School code: 0093
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Yer Numarası | Demirbaş Numarası | Shelf Location | Lokasyon / Statüsü / İade Tarihi |
---|---|---|---|
XX(693875.1) | 693875-1001 | Proquest E-Tez Koleksiyonu | Arıyor... |
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