How to conduct macro-prudential regulation? How to coordinate monetary policy and macro-prudential policy? To address …

principal can benefit from such delegation relative to centralization. We show that beneficial delegation is possible when … complete contracts cannot be written, and delegation of authority should necessarily be to the information gatherer. The benets … of delegation stem from either efficiency gains or reduction in rent to the information gatherer. …

In an information transmission situation, a sender's concern for its credibility could endow itself with an invisible …, the sender can achieve its favored outcome without losing its credibility, which stays true even when the sender and the … receiver have contradictory preferences. Therefore, the sender's concern for its credibility could result in less truthful …