• Graduate Programs
  • Research
  • Browse our Courses
  • Events
    • Events Calendar
    • Events Archive
    • Summer School
      • Applied Public Policy Evaluation
      • Deep Learning
      • Development Economics
      • Economics of Blockchain and Digital Currencies
      • Economics of Climate Change
      • The Economics of Crime
      • Foundations of Machine Learning with Applications in Python
      • From Preference to Choice: The Economic Theory of Decision-Making
      • Inequalities in Health and Healthcare
      • Marketing Research with Purpose
      • Markets with Frictions
      • Modern Toolbox for Spatial and Functional Data
      • Sustainable Finance
      • Tuition Fees and Payment
      • Business Data Science Summer School Program
    • Tinbergen Institute Lectures
    • 2026 Tinbergen Institute Opening Conference
    • Annual Tinbergen Institute Conference
  • News
  • Summer School
    • Applied Public Policy Evaluation
    • Deep Learning
    • Development Economics
    • Economics of Blockchain and Digital Currencies
    • Economics of Climate Change
    • The Economics of Crime
    • Foundations of Machine Learning with Applications in Python
    • From Preference to Choice: The Economic Theory of Decision-Making
    • Inequalities in Health and Healthcare
    • Marketing Research with Purpose
    • Markets with Frictions
    • Modern Toolbox for Spatial and Functional Data
    • Sustainable Finance
    • Tuition Fees and Payment
  • Alumni

Beetsma, R. and Jensen, H. (2003). Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique: a comment Journal of Money, Credit and Banking, 35(1):129--136.


  • Journal
    Journal of Money, Credit and Banking

We demonstrate that in important cases Propositions 3 and 4 in Eijffinger, Hoeberichts, and Schaling (Journal of Money, Credit, and Banking, May 2000) may fail. Moreover, their monetary policy delegation arrangement, which advocates that central banker preference uncertainty may be desirable, is dominated by other arrangements without any such uncertainty. Finally, their way of modelling preference uncertainty leads to arbitrary effects on average monetary policy. Without these, preference uncertainty is never desirable