Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique
分析货币不确定性如何影响通胀偏差及产出与通胀的波动，发现偏好冲击的方差增大通胀均值和方差，但可能改善产出稳定和社会福利。
This paper analyzes the effect of monetary uncertainty on the inflationary bias and the variance of output and inflation.Monetary policy uncertainty is modeled as a shock to the central banker's preference for inflation stabilization relative to output stabilization that cannot be observed by the public.We find that the mean and variance of inflation increase with the variance of this preference shock.However, unlike other studies, we find that monetary uncertainty may very well have a positive effect on output stabilization and therefore also on society's welfare.