How do public and private information affect equilibrium allocations and social welfare in economies with investment … perverse effect of increasing aggregate volatility. Nevertheless, as long as there is no value to lotteries, welfare … transparency is optimal. This is because more transparency facilitates more effective coordination, which is valuable from a social …

Global games of regime change -- that is, coordination games of incomplete information in which a status quo is …

This paper examines issues in the current debate over coordination between fiscal and monetary policies. Section I1 … uses the traditional targets-instruments approach to assess the potential gains from greater coordination. Since greater … coordination is often equated with looser money and tighter fiscal policy, two econometric models of the economy are used to …

uniqueness of the equilibrium. In line with Keynesian thinking, these fluctuations may be attributed to "coordination failures …

This paper places current efforts at international economic policy coordination in historical perspective. It argues …

-stakes environment. For most others, improved coordination implies a drastic decline in monetary winnings. Prior to playing the social …