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040 |aCaOODSP|beng|erda|cCaOODSP
0861 |aFB3-5/2020-2E-PDF
1001 |aArifovic, Jasmina, |d1959- |eauthor.
24510|aSocial learning and monetary policy at the effective lower bound / |cby Jasmina Arifovic, Alex Grimaud, Isabelle Salle and Gauthier Vermandel.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (iii, 57 pages) : |bcolour illustrations.
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-2
500 |a"Last updated: January 27, 2020."
504 |aIncludes bibliographical references (pages 45-48).
5203 |a"The first contribution of this paper is to develop a model that jointly accounts for the missing disinflation in the wake of the Great Recession and the subsequently observed inflation-less recovery. The key mechanism works through heterogeneous expectations that may durably lose their anchorage to the central bank (CB)'s target and coordinate on particularly persistent below-target paths. We jointly estimate the structural and the learning parameters of the model by matching moments from both macroeconomic and Survey of Professional Forecasters data. The welfare cost associated with those dynamics may be reduced if the CB communicates to the agents its target or its own inflation forecasts, as communication helps anchor expectations at the target. However, the CB may lose its credibility whenever its announcements become decoupled from actual inflation, for instance in the face of large and unexpected shocks"--Abstract, page iii.
650 0|aMonetary policy|xEconometric models.
650 6|aPolitique monétaire|xModèles économétriques.
7102 |aBank of Canada.
830#0|aStaff working paper (Bank of Canada)|v2020-2.|w(CaOODSP)9.806221
85640|qPDF|s1.16 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-2-eng.pdf