market with asymmetric information about the costs of production. We find that prices may contain too much or too little … information with respect to incentive efficient allocations depending on whether the main role of the price is, respectively, the … incentive efficient information mix: It pays to sacrifice allocative efficiency at the REE to improve productive efficiency. …

compare the values of several measures of persistence across aggregation levels. Interestingly, we show that the average … aggregation level. We argue, however, that this should be seen more as an undesirable property of these measures than as evidence … of different average persistence across aggregation levels. The results are illustrated in an application using U …