communication about future interest rate decisions based on information from the Internet and news sources. We apply the methodology … announcements, whereas longer-dated Treasuries mainly react to changes in policy communication. Using lower frequency data, we find …, we find communication to be a more important determinant of Treasury rates than contemporaneous policy rate decisions …

because decentralized trading impedes communication and, in so doing, opens the door to self-fulfilling beliefs despite the … uniqueness of the equilibrium. In line with Keynesian thinking, these fluctuations may be attributed to "coordination failures …

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 …

need for policy coordination: the specific choice of monetary policy limits the set of fiscal policies consistent with …

information, but differ in two dimensions: the rules governing communication, which determine whether information is verifiable …; and the sender's commitment power, which determines the extent to which she can commit to her communication strategy …. Our design exploits these variations to explicitly test for the role of rules and commitment in communication. Our …