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The Lucas Imperfect Information Model with Imperfect Common Knowledge
http://hdl.handle.net/2261/00077175
http://hdl.handle.net/2261/000771759513337a-c8ab-4ede-8d11-5885f0016936
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
cb-wp007.pdf (243.9 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2019-06-17 | |||||
| タイトル | ||||||
| タイトル | The Lucas Imperfect Information Model with Imperfect Common Knowledge | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | real effects | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | neutrality of money | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | iterated expectations | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | the Lucas model | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | imperfect common knowledge | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Ui, Takashi
× Ui, Takashi |
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| 著者所属 | ||||||
| 著者所属 | Hitotsubashi University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | In the Lucas Imperfect Information model, output responds to unanticipated monetary shocks. We incorporate more general information structures into the Lucas model and demonstrate that output also responds to (dispersedly) anticipated monetary shocks if the information is imperfect common knowledge. Thus, the real effects of money consist of the unanticipated part and the anticipated part, and we decompose the latter into two effects, an imperfect common knowledge effect and a private information effect. We then consider an information structure composed of public and private signals. The real effects disappear when either signal reveals monetary shocks as common knowledge. However, when the precision of private information is fixed, the real effects are small not only when a public signal is very precise but also when it is very imprecise. This implies that a more precise public signal can amplify the real effects and make the economy more volatile. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Publisher's another name: JSPS Grants-in-Aid for Scientific Research (S) Central Bank Communication Design | |||||
| 書誌情報 |
Working Papers on Central Bank Communication 巻 007, 発行日 2019-06 |
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| 著者版フラグ | ||||||
| 値 | publisher | |||||
| 出版者 | ||||||
| 出版者 | Research Project on Central Bank Communication | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.centralbank.e.u-tokyo.ac.jp/en/category/research-data/ | |||||
