The standard model of signaling used in open economy macroeconomics concentrates on building a reputation when a … explain many phenomena, this paper argues, more sophisticated signaling models are needed, models which include signaling of …

capital mobility, whereas others impose controls to trap capital onshore, thus signaling future policies affecting capital …

Many authors argue that asymmetric information between the Federal Reserve and the public is important to the conduct … and the effects of monetary policy. This paper tests for the existence of such asymmetric information by examining Federal … Reserve and commercial inflation forecasts. We demonstrate that the Federal Reserve has considerable information about …

opposite direction of the conventional signaling story. This finding can explain why in some periods exchange rates moved in …

We propose and implement a new test of the dividend signaling hypothesis that is designed to discriminate between … dividend signaling and other theories that would account for the apparent existence of a dividend preference. Our test refines … taxation on the bang-for-the-buck, which we define as the share price response per dollar of dividends. Most dividend signaling …

This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash … flow reporting is shown to lead to underinvestment when managers have superior information but are acting in shareholders …