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Zoekresultaten

Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2009"

AuteursC.A. Stoltenberg, V. Lepetyuk
TitelPolicy announcements and welfare
UitgeverFaculteit Economie en Bedrijfskunde
PlaatsAmsterdam
Jaar2009
Pagina's47
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Amsterdam School of Economics Research Institute (ASE-RI)
SamenvattingIn the presence of idiosyncratic risk, the public revelation of information about uncertain
aggregate outcomes such as policy choices can be detrimental to social welfare.
By announcing informative signals on non-insurable aggregate risk, the policy maker
distorts agents’ insurance incentives and increases the riskiness of the optimal allocation
that is feasible in self-enforceable arrangements. As an application, we consider a
monetary authority that may reveal changes in the inflation target, and document that
the negative effect of distorted insurance incentives can very well dominate conventional
effects in favor for the release of better information.
Soort documentRapport
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