Talking Over Time ‐ Dynamic Central Bank Communication
用贝叶斯说服博弈框架研究央行最优动态沟通策略，发现央行应更侧重谈论当前状态，并发送比静态基准更模糊的信号。
Abstract This paper studies the optimal dynamic communication strategy of central banks using a Bayesian persuasion game framework. In a dynamic environment, financial market participants and the general public have misaligned interests because the present and future have different relevance in their optimization problems, leading to a novel trade‐off for the monetary authority. Compared to the static benchmark, I show that the central bank (CB's) optimal dynamic communication policy should put a higher weight on talking about the present state than the future. In addition, the CB should strategically send more noisy signals than in the static benchmark.