sanctioning institutions on firms’ communication. Using machine learning to organize the chat communication into topics, we find … present. At the same time, average prices are lower when communication is less explicit. A mediation analysis suggests that … the prevalence of explicit price communication. …

This paper sheds new light on the role of communication for cartel formation. Using machine learning to evaluate free …-form chat communication among firms in a laboratory experiment, we identify typical communication patterns for both explicit … sanctions on communication reinforces the direct cartel-deterring effect of sanctions as collusion is more difficult to reach …

This paper sheds new light on the role of communication for cartel formation. Using machine learning to evaluate free …-form chat communication among firms in a laboratory experiment, we identify typical communication patterns for both explicit … sanctions on communication reinforces the direct cartel-deterring effect of sanctions as collusion is more difficult to reach …

we study their effect on firms' communication in a laboratory experiment. Using machine learning to organize the chat … communication into topics, we find that firms are less likely to communicate explicitly about price fixing when sanctioning … institutions are present. At the same time, average prices are lower when communication is less explicit. A mediation analysis …

the content of their communication reliably predicts subsequent prices. We find that already the mere mutual agreement to … meet predicts a strong increase in prices. Conversely, express distancing from communication completely nullifies its … otherwise price-increasing effect. Using machine learning, we show that communication only increases prices if it is very …

how the ZLB affected the Fed's ability to conduct policy, we estimate the effects of Fed communication on yields of … different maturities in the pre-ZLB and ZLB periods. Before the ZLB period, communication affects both short- and long …-dated yields. In contrast, during the ZLB period, the reaction of yields to communication is concentrated in longer-dated yields …