expectations to information about the Federal Reserve's inflation target and a graph and summary of past inflation. On average …, respondents revise forecasts toward the 2% target with either information treatment, and both forecast uncertainty and … heterogeneity decline with the treatments, but remain substantial. Since the information in the treatments is publicly available …

that, counter to theory, the Friedman rule is not welfare improving, performing no better than a constant money regime. By …

currency holdings, and (3) information on the acceptance rate of the foreign currency among local agents. We extend the model … to the theory literature by characterizing a new circulation regime where agents use the foreign currency solely for … (around 40 percent in both cases). Information treatment does not have a significant impact relative to baseline …

expansion vs. lump-sum monetary transfers. In theory, both processes are neutral and exert no real effect on allocation. In the …