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Rational Ambiguity and Monitoring the Central Bank
(Vanderbilt University. Dept. of Economics, 2004-02)
In this paper we examine the consequences of having a Central Bank whose preferences are state contingent. This has variously been identified in the literature as a Central Bank that is "rationally inattentive", "risk ...
Investment Under Monetary Uncertainty: A Panel Data Investigation
(Vanderbilt University. Dept. of Economics, 2004-04)
There is a presumption in the literature that price or exchange rate uncertainty, or uncertainty in the monetary conditions underlying them, will have a negative effect on investment. Some argue that this negative effect ...