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How avoiding overreaction to public information? : some insights on central bank communication practices
Trabelsi, Emna - 2012
It is argued in literature that transparency may be detrimental to welfare. Morris and Shin (2002) suggest reducing the …
Persistent link: https://www.econbiz.de/10011526649
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Why the publication of socially harmful information may be socially desirable
Hahn, Volker - 2009 - This version: November 2009
signaling incentives under opacity. Our model may also explain the recent trend towards more transparency in monetary policy. …
Persistent link: https://www.econbiz.de/10008746680
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Limited higher order beliefs and the welfare effects of public information
Cornand, Camille; Heinemann, Frank - 2013
In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing...
Persistent link: https://www.econbiz.de/10009787097
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Endogenous Information and Central Bank Transparency
Tamura, Wataru - 2015
This paper studies monetary policy under discretion when the central bank ex ante determines information to be acquired and made public. In a general setting, wherein a monetary instrument signals the central bank's private information, I show that an optimal information policy comprises the...
Persistent link: https://www.econbiz.de/10013026571
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Information Design, Signaling, and Central Bank Transparency
Tamura, Wataru - 2018
This study examines monetary policy and central bank communication when a monetary instrument signals the central bank's private information. A novel feature is that the central bank ex ante determines how much information it acquires and how much of this information it releases to the public....
Persistent link: https://www.econbiz.de/10012930476
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Transparency in Monetary Policy, Signaling, and Heterogeneous Information
Hahn, Volker - 2010
desirable. We show that opacity may lead to the same equilibrium as transparency. However, additional equilibria may emerge … and its effects on inflation and output. In this case, transparency has ambiguous effects. It reduces output variance and … the distortions stemming from heterogeneous information. However, transparency generally raises the variance of inflation …
Persistent link: https://www.econbiz.de/10013147417
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Persuasion by dimension reduction
Malamud, Semyon; Schrimpf, Andreas - 2021 - This version: October 17, 2021
How should an agent (the sender) observing multi-dimensional data (the state vector) persuade another agent to take the desired action? We show that it is always optimal for the sender to perform a (non-linear) dimension reduction by projecting the state vector onto a lower-dimensional object...
Persistent link: https://www.econbiz.de/10012799529
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Optimal transport of information
Malamud, Semyon; Cieślak, Anna; Schrimpf, Andreas - 2021 - This version: March 3, 2021
We study the general problem of Bayesian persuasion (optimal information design) with continuous actions and continuous state space in arbitrary dimensions. First, we show that with a finite signal space, the optimal information design is always given by a partition. Second, we take the limit of...
Persistent link: https://www.econbiz.de/10012487719
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Monetary policy under imperfect information and consumer confidence
Brenneisen, Jan-Niklas - 2020 - This version: July 23, 2020.
Although it is generally accepted that consumer confidence measures are informative signals about the state of the economy, theoretical macroeconomic models designed for the analysis of monetary policy typically do not provide a role for them. I develop a framework with asymmetric information in...
Persistent link: https://www.econbiz.de/10012269096
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Welfare Effects of Partial Publicity and Partial Transparency in Endogenous Information Acquisition
Arato, Hiroki; Nakamura, Tomoya - 2022
partial transparency policy. We show that a partial publicity policy is more effective in improving social welfare than a … partial transparency policy. We also show that the highest level of social welfare can be achieved using only a partial …
Persistent link: https://www.econbiz.de/10014081155