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Supply Shocks, Private Sector Information and Monetary Policy: Is There Inevitably a Stabilization Trade-Off?

Опубликовано на портале: 03-12-2007
Economics Letters. 2007.  Vol. 96. No. 1. P. 77-83. 
We assume that, while the central bank has an information advantage in respect of aggregate productivity shocks, the private sector has superior knowledge of local disturbances. It is shown that there is no policy trade-off between inflation and employment stability: moreover macroeconomic outcomes are independent of the weight assigned to inflation by the central bank.

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