Monetary Policy with Imperfect Information and Bounded Rationality

This dissertation consists of two papers that deal with monetary policy in the presence of imperfect expectation formation. The first paper deals with optimal monetary policy under imperfect and asymmetric information and potential welfare gains from easing these information frictions by using consumer confidence measures. The second paper develops a DSGE model with bounded rationality and dynamic interactions between endogenous central bank credibility, credit cycles and aggregate macroeconomic risk, and analyzes nonstandard conventional and unconventional monetary policy responses.


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