Transparency and Credibility: Monetary Policy with Unobservable Goals
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We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in the
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美国国家经济研究局创建时间：
1998-03-01
