rotations of the reduced form residuals. Second, we use our identification approach to investigate the role of noise and news as … sources of business cycle fluctuations. We find that noise shocks, the component of the signal unrelated to economic …, news and noise together account for more than half of the fluctuations in GDP, consumption and investment …

In this paper we study how the presence of a small amount of noise in signaling games impacts on the likelihood of … source of exogenous noise affects the signals that agents observe. Noise, even if tiny, poses tight constraints on beliefs by … noise is small enough - but not nil. In particular, for any separating profile, if noise is suciently small then the sender …