transparency and constructive ambiguity. The first two show that transparency reduces the variability of inflation and the output … preferences for all circumstances, in line with the hypothesis of constructive ambiguity, we find that both the levels and the … may have been exploiting constructive ambiguity more than a lack of transparency. …

assets - and Markowitz - who advocates diversification across assets. We rely on the concepts of ambiguity and ambiguity … degree of ambiguity across assets, and (ii) the standard deviation of the estimate of expected return on each asset. If the … standard deviation of the expected return estimate and the difference between the ambiguity about familiar and unfamiliar …

asset returns. Our contribution is to develop a framework that allows for ambiguity about the joint distribution of returns … for all stocks being considered for the portfolio, and also for different levels of ambiguity for the marginal … international equity returns. The calibration shows that when the overall ambiguity about the joint distribution of returns is high …

full information and there is also a role for ambiguity in the setting of monetary policy. Both these effects of asymmetric …

instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …

We provide evidence on the match between firms, managers and incentives using a new survey designed for this purpose … managers are heterogeneous. Following the sources of heterogeneity observed in the data, we assume that firms differ by … than non-family firms. Managers differ in their degree of risk aversion and talent. The entry of firms and managers, the …

We examine the relationship between the employment and compensation of managers and CEOs and the presence of a … monitoring, which requires more managers. The model also assumes rent sharing between workers, managers and the owners of the … firm. Unions, by redistributing rents towards the workers, lead to lower employment and lower pay for managers. Using a …