Can More Public Information Raise Uncertainty?

Released on by Michael Ehrmann
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  • Can More Public Information Raise Uncertainty? Book Detail

  • Author : Michael Ehrmann
  • Release Date : 2019
  • Publisher :
  • Genre : Banks and banking, Central
  • Pages : 40
  • ISBN 13 :
  • File Size : 98,98 MB
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Can More Public Information Raise Uncertainty? by Michael Ehrmann PDF Summary

Book Description: Central banks have used different types of forward guidance. This paper reports cross-country evidence showing that, in general, forward guidance mutes the response of government bond yields to macroeconomic news. However, calendar-based guidance with a short horizon counter-intuitively raises it. Using a stylized model where agents learn from market signals, it shows that the public release of more precise information about future rates lowers the informativeness of market signals and, as a consequence, may increase uncertainty and amplify the reaction of expectations to macroeconomic news.

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