In Keynes’ beauty contest, agents have to choose actions in accordance with an expected fundamental value and with the conventional value expected to be set by the market. In doing so, agents respond to a fundamental and to a coordination motive respectively, the prevalence of either motive...

This paper analyzes the conduct of the optimal monetary policy with imperfect information on the shocks hitting the economy where firms’ prices are strategic complements. Monetary policy entails a dual stabilizing role, as a policy response that influences directly the economy and as a vehicle...

Cet article analyse les effets de la transparence économique sur l’efficacité de la politique monétaire dans un modèle de concurrence monopolistique en connaissance commune imparfaite sur les chocs de demande affectant une économie sans biais inflationniste. Nous montrons que la...