Journal Article
Vagueness, credibility, and government policy
Abstract: A discussion of the reasons why it may be in a government agency's--and society's--best interest to be vague about policy objectives. Using the concept of \"cheap talk,\" the author explains that when an agency faces a trade-off between precise and credible announcements, its best move may be to provide truthful but limited information.
Access Documents
File(s): File format is text/html http://www.clevelandfed.org/Research/Review/1995/95-q1-haubrich.pdf
Authors
Bibliographic Information
Provider: Federal Reserve Bank of Cleveland
Part of Series: Economic Review
Publication Date: 1995
Issue: Q I
Pages: 13-19