Transparent disclosures of public information might be one natural policy to reduce information inequality among individuals. We conduct a welfare analysis of such policy by introducing ex-ante heterogeneity in individuals' private information in a class of economies with dispersed information...

We analyze the welfare effects of two information disclosure policies using ``beauty contest" coordination games in which information acquisition about the state is endogenous. In particular, we compare a partial publicity policy with a partial transparency policy. We show that a partial...

We empirically investigate why wholesale funding is fragile by providing the first study of how individual banks borrow and lend in the euro unsecured and secured interbank market. Consistent with theories in which lenders enforce market discipline by monitoring counterparty credit risk and...