{"id":16646,"date":"2025-07-30T09:46:18","date_gmt":"2025-07-30T12:46:18","guid":{"rendered":"https:\/\/www.economicas.uba.ar\/iiep\/?post_type=tribe_events&#038;p=16646"},"modified":"2025-07-30T09:46:18","modified_gmt":"2025-07-30T12:46:18","slug":"hawkish-dove-or-dovish-hawk-optimal-monetary-policy-with-reputational-concerns","status":"publish","type":"tribe_events","link":"https:\/\/economicas.uba.ar\/iiep\/eventos\/hawkish-dove-or-dovish-hawk-optimal-monetary-policy-with-reputational-concerns\/","title":{"rendered":"Hawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns"},"content":{"rendered":"<div class=\"tribe-events-single-event-description tribe-events-content\">\n<p><strong>Seminario de investigaci\u00f3n del IIEP<\/strong><\/p>\n<p>Hawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns<\/p>\n<p>Expositor | Pedro Martinez Bruera | MIT<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Abstract<\/strong><\/p>\n<p>A central bank\u2019s 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.<\/p>\n<p>Coautores | Tom\u00e1s E. Caravello &amp; Alex Carrasco-Mart\u00ednez<\/p>\n<p>&nbsp;<\/p>\n<p>Lugar | FCE-UBA | Aula 223B<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Seminario de investigaci\u00f3n del IIEP Hawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns Expositor | Pedro Martinez Bruera | MIT &nbsp; Abstract A central bank\u2019s reputation depends<\/p>\n","protected":false},"author":9,"featured_media":0,"template":"","meta":{"_tribe_events_status":"","_tribe_events_status_reason":"","footnotes":""},"tags":[],"tribe_events_cat":[],"class_list":["post-16646","tribe_events","type-tribe_events","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns - IIEP UBA-CONICET<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicas.uba.ar\/iiep\/eventos\/hawkish-dove-or-dovish-hawk-optimal-monetary-policy-with-reputational-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hawkish Dove or Dovish Hawk? Optimal Monetary Policy with Reputational Concerns - IIEP UBA-CONICET\" \/>\n<meta property=\"og:description\" content=\"Seminario de investigaci\u00f3n del IIEP Hawkish Dove or Dovish Hawk? 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