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dc.creatorBursian, Dirk
dc.creatorFaia, Ester
dc.date.accessioned2021-09-28T09:16:31Z
dc.date.available2021-09-28T09:16:31Z
dc.date.issued2013-07-01
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2115
dc.description.abstractTrust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic agents and the monetary authority. Trust affects agents stochastic discount factors, namely the price of future risk, and through this it interacts with the monetary transmission mechanism. Using data from the Eurobarometer surveys we analyze the link between trust and the transmission mechanism of macro and monetary hocks: empirical results are in line with theoretical ones.
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectMacro Finance
dc.titleTrust in the Monetary Authority
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1402?Eurobarometer surveys
dc.source.filename14_SSRN-id2245574
dc.identifier.safeno14
dc.subject.keywordstrust evolutionary games
dc.subject.keywordsrisk perception
dc.subject.keywordsmonetary transmission mechanism
dc.subject.jelE0
dc.subject.jelE5
dc.subject.topic1belief
dc.subject.topic1build
dc.subject.topic1rst
dc.subject.topic2iii
dc.subject.topic2bank
dc.subject.topic2consumption
dc.subject.topic3lter
dc.subject.topic3debt
dc.subject.topic3increase
dc.subject.topic1nameMacro Finance
dc.subject.topic2nameMonetary Policy
dc.subject.topic3nameFiscal Stability
dc.identifier.doi10.2139/ssrn.2245574


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