may reveal private information of the central bank. We argue that vague, non-binding statements may be desirable. Second …

private information on shocks to money demand and the transparency solution is not feasible because of verifiability problems …. Under inflation targeting and monetary targeting, central banks may have an incentive to signal their private information in …

favorable conditions for matching on the one hand, and for global collective decisions on the other hand. We establish …

benefits only if they aggregate their private information. Some members of the society, however, are harmed by socially … desirable policies and aim at manipulating information aggregation by misrepresenting their private information. We show that … information can be aggregated and a socially desirable policy can be implemented under a new class of democratic mechanisms …