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DTSTART;TZID=America/Argentina/Buenos_Aires:20250702T130000
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CREATED:20250730T124618Z
LAST-MODIFIED:20250730T124618Z
UID:16646-1751461200-1751468400@economicas.uba.ar
SUMMARY:Hawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns
DESCRIPTION:Seminario de investigación del IIEP \nHawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns \nExpositor | Pedro Martinez Bruera | MIT \n  \nAbstract \nA central bank’s reputation depends on how hawkish the private sector thinks it is. Using cross-sectional variation of private forecasts about US inflation and output gap\, we document i) reputation responds to monetary policy surprises ii) is mean-reverting iii) does not respond to non-monetary shocks such as demand and cost-push shocks iv) better reputation reduces the passthrough of shocks to inflation expectations. We embed these facts in a learning model and solve the optimal monetary policy problem. Relative to the solution under discretion\, the optimal policy is more hawkish: by acting more hawkish\, the central bank signals stronger commitment to inflation stability\, anchoring expectations in the future\, and reducing the future cost of disinflation. \nCoautores | Tomás E. Caravello & Alex Carrasco-Martínez \n  \nLugar | FCE-UBA | Aula 223B
URL:https://economicas.uba.ar/iiep/eventos/hawkish-dove-or-dovish-hawk-optimal-monetary-policy-with-reputational-concerns/
LOCATION:UBA Córdoba\, Av. Córdoba 2122\, Buenos Aires\, Ciudad Autónoma de Buenos Aires\, 1425\, Argentina
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