The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
1. Imperfect Common Knowledge and the Effects of Monetary Policy
Abstract
This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects.Due to monopolistically competitive pricing, higher-order expectations are crucial for aggregate inflation dynamics, as argued by Phelps (1983).And decisionmakers' subjective perceptions of current conditions are assumed to be of imperfect precision, owing to finite information processing capacity, as argued by Sims (2001).The model can explain highly persistent real effects of a monetary disturbance, and a delayed effect on inflation, as found in VAR studies.
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Citations
Cites
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Forecasting, Structural Time Series Models and the Kalman Filter
Harvey, A. C. (1990) · doi:10.1017/cbo9781107049994 · Cited by 4,195
Cited by
(2013) · Econometrica · doi:10.3982/ecta10008 · Cited by 389
Metadata
- Authors
- Woodford, M.
- Venue
- Knowledge, Information, and Expectations in Modern Macroeconomics
- Publisher
- Princeton University Press
- Published
- 2003-12-31
- Pages
- 23-58
- OpenAlex
- W3139660598
- Cited by
- 187
- References
- 2
- FWCI
- 14.73
- Type
- book chapter
- Language
- en
- Open access
- closed
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- Woodford, M. (2003). 1. Imperfect Common Knowledge and the Effects of Monetary Policy. Knowledge, Information, and Expectations in Modern Macroeconomics. https://doi.org/10.1515/9780691223933-004
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
