Managing Expectations
调整一个常见宏观经济模型，讨论中央银行在可信度不完美时如何管理市场预期，并展示一种分析公告、行动与可信度动态的建模方法，为未来研究提供基础。
The idea that monetary policy is principally about “managing expectations” has taken hold in central banks around the world. Discussions of expectations management by central bankers, academics and by financial market participants frequently also include the idea that central bank credibility is imperfect. We adapt a familiar macroeconomic model so as to discuss key concepts in the area of expectations management. Our work also exemplifies a model construction approach to analyzing the dynamics of announcements, actions, and credibility that we think makes feasible a wide range of future investigations concerning the management of expectations.