{"title":"Elasticity of Attention and Optimal Monetary Policy","authors":"Shaowen Luo, K. Tsang","doi":"10.2139/ssrn.3623412","DOIUrl":null,"url":null,"abstract":"Abstract Optimal monetary policy depends on whether agents have exogenous, endogenous–inelastic, or endogenous–elastic attention. Under elastic attention, optimal monetary policy induces equilibria that are not possible under the other two settings: no attention to any shocks that generate inefficient economic fluctuations.","PeriodicalId":224430,"journal":{"name":"Decision-Making in Economics eJournal","volume":"72 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Decision-Making in Economics eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3623412","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 2
Abstract
Abstract Optimal monetary policy depends on whether agents have exogenous, endogenous–inelastic, or endogenous–elastic attention. Under elastic attention, optimal monetary policy induces equilibria that are not possible under the other two settings: no attention to any shocks that generate inefficient economic fluctuations.
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