Optimal policy with dispersed information and uncertain monetary transmission

被引：1
|
作者：
Femminis, Gianluca [1 ]
Piccirilli, Giulio [2 ]
机构：
[1] Univ Cattolica, Dipartimento Econ & Finanza, Largo Gemelli 1, Milan, Italy
[2] Univ Mercatorum, Piazza Mattei 10, I-00186 Rome, Italy
来源：
ECONOMICS LETTERS | 2023年 / 229卷
关键词：
Monetary transmission; Fiscal policy; Parameter uncertainty; SOCIAL VALUE;
D O I：
10.1016/j.econlet.2023.111204
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In a setting with dispersed information, monopolistic competition and sticky-prices, a policy authority uncertain about the monetary transmission mechanism reacts prudently to supply shocks. This induces producers to ascribe an excessive importance to their private information when setting prices. To correct the ensuing inefficiency a state-contingent fiscal policy is required. (c) 2023 Elsevier B.V. All rights reserved.
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页数：4
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