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  • 标题:Strategically reported inflation expectation: a cheap-talk approach
  • 本地全文:下载
  • 作者:Marcelo de C. Griebeler
  • 期刊名称:Economics Bulletin
  • 电子版ISSN:1545-2921
  • 出版年度:2019
  • 卷号:39
  • 期号:1
  • 页码:1-7
  • 出版社:Economics Bulletin
  • 摘要:We study the strategic relationship between a central bank and a biased economic agent (forecaster) responsible for reporting the economy's inflation expectation to the former. Through a simple cheap-talk model, we show that the possibility of informative communication between the above players increases as: (i) the forecaster's bias decreases; (ii) the degree in which expectations affect current inflation increases; and (iii) the uncertainty about the true value of the inflation expectation - measured by its variance - increases. Our analysis is a first step towards a deeper comprehension of the strategic relationship between central banks and those responsible for reporting inflation expectation.
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