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• W2109335818 abstract "This paper focuses on the “contingent” view of transparency. By introducing endogenous fiscal policy and labour market distortions, it studies the effects the uncertainty in central bank’s (CB) preferences on the behaviour of wage and fiscal authorities and thus on output and inflation. We consider the problem on both positive and normative perspectives. First, we investigate the effects of a given degree of uncertainty in CB’s preferences on inflation and real output. Second, in line with recent literature, by assuming the possibility that information on CB’s preferences may be an endogenous variable, we study the optimal degree of transparency from the CB’s viewpoint. Although a general analysis is presented, we focus on the case of a small-bounded variance of CB’s preference, i.e. we assume that the CB’s power of affecting information disclosure and influencing private beliefs is limited." @default.
• W2109335818 created "2016-06-24" @default.
• W2109335818 creator A5020201399 @default.
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• W2109335818 date "2005-02-01" @default.
• W2109335818 modified "2023-09-27" @default.
• W2109335818 title "Supply-side fiscal policy, conservativeness, and Central Bank trasparency" @default.
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• W2109335818 hasPublicationYear "2005" @default.
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