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Angeletos, George-Marios - 2007

This paper studies policy in a class of economies in which information about commonly-relevant fundamentals -- such as aggregate productivity and demand conditions -- is dispersed and can not be centralized by the government. In these economies, the decentralized use of information can fail to...

Persistent link: https://www.econbiz.de/10012465056

Gold's Value as an Investment

Jermann, Urban J. - National Bureau of Economic Research - 2023

For investors, gold is an asset without a yield that is attractive in times of low and negative real interest rates. Gold also has an embedded put option because investors can sell it to those who value its use as jewelry or as a productive input. This paper presents an approach for pricing gold...

Persistent link: https://www.econbiz.de/10014322774

The Gold Pool (1961-1968) and the Fall of the Bretton Woods System. Lessons for Central Bank Cooperation

Bordo, Michael - 2017

The Gold Pool (1961-1968) was one of the most ambitious cases of central bank cooperation in history. Major central banks pooled interventions - sharing profits and losses - to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was in fact tied to...

Persistent link: https://www.econbiz.de/10012453697

What Can Survey Forecasts Tell Us About Informational Rigidities?

Coibion, Olivier - 2008

This paper uses three different surveys of economic forecasts to assess both the support for and the properties of informational rigidities faced by agents. Specifically, we track the impulse responses of mean forecast errors and disagreement among agents after exogenous structural shocks. Our...

Persistent link: https://www.econbiz.de/10012464063

Instrument-Based vs. Target-Based Rules

Halac, Marina - 2018

We develop a simple delegation model to study rules based on instruments vs. targets. A principal faces a better informed but biased agent and relies on joint punishments as incentives. Instrument-based rules condition incentives on the agent's observable action; target-based rules condition...

Persistent link: https://www.econbiz.de/10012244025

Have Financial Markets Become More Informative?

Bai, Jennie - 2013

The finance industry has grown, financial markets have become more liquid, information technology has undergone a revolution. But have market prices become more informative? We derive a welfare-based measure of price informativeness: the predicted variation of future cash flows from current...

Persistent link: https://www.econbiz.de/10012458935

Optimal Monetary Policy with Informational Frictions

Angeletos, George-Marios - 2011

This paper studies optimal policy in a business-cycle setting in which firms have a blurry understanding of the state of the economy due to informational or cognitive constraints. The latter are not only the source of nominal rigidity but also an impediment in the coordination of production. The...

Persistent link: https://www.econbiz.de/10012461077

Information Cascades and Threshold Implementation : Theory and An Application to Crowdfunding

Cong, Lin William; Xiao, Yizhou - National Bureau of Economic Research - 2023

Economic interactions, such as crowdfunding, often involve sequential actions, observational learning, and contingent project implementation. We incorporate all-or-nothing thresholds in a canonical model of information cascades. Early supporters effectively delegate their decisions to a...

Persistent link: https://www.econbiz.de/10013537714

Behavioralize This! International Evidence on Autocorrelation Patterns of Stock Index and Futures Returns

Ahn, Dong-Hyun - 1999

autocorrelations close to zero, (ii) these autocorrelation differences between spot and futures markets are maintained even under … conditions favorable for spot-futures arbitrage, and (iii) these autocorrelation differences are most prevalent during low volume …

Persistent link: https://www.econbiz.de/10012471575

Estimating Autocorrelations in Fixed-Effects Models

Solon, Gary - 1984

series data, longitudinal data often contain serially correlated error terms, but the autocorrelation estimators commonly …'s method of correcting for the inconsistency of autocorrelation estimators by generalizing to higher than first … facilitate the identification and estimation of autocorrelation processes in both the generalized Nickell method and an …

Persistent link: https://www.econbiz.de/10012477826

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