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Central Bank Transparency and Information Dissemination : An Experimental Approach
Hichri, Walid - 2014
information is fully released) is also available. Our experiment is based on subsequent framework of Morris and Shin (2002 … in this paper. Our experiment indicates that - when fully disclosed - players overreact to public information and this … that the destabilizing effect of public information is less pronounced experimentally than when it does in theory. This is …
Persistent link: https://www.econbiz.de/10013061847
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The interplay between public and private information in asset markets : theoretical and experimental approaches
Alfarano, Simone; Camacho-Cuena, Eva; Petrovic, Marko; … - 2014
In this paper we will give an overview of the more relevant results on the theoretical and experimental research related to public and private information dissemination and aggregation in asset markets, focusing mainly on the contemporaneous presence of public and private information and its...
Persistent link: https://www.econbiz.de/10010406743
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Central bank transparency and the crowding out of private information in an experimental asset market
Middeldorp, Menno; Rosenkranz, Stephanie - 2011
ability of the market deteriorate. Notable features of the experiment include a complex setup based directly on the …
Persistent link: https://www.econbiz.de/10008936428
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Central Bank Transparency and the Crowding Out of Private Information in an Experimental Asset Market
Middeldorp, Menno H. - 2011
ability of the market deteriorate. Notable features of the experiment include a complex setup based directly on the …
Persistent link: https://www.econbiz.de/10013128675
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A detrimental feedback loop : deleveraging and adverse selection
Bertsch, Christoph - 2013
Market distress can be the catalyst of a deleveraging wave, as in the 2007/08 financial crisis. This paper demonstrates how market distress and deleveraging can fuel each other in the presence of adverse selection problems in asset markets. At the core of the detrimental feedback loop is agents'...
Persistent link: https://www.econbiz.de/10010202960
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Potential output and fiscal rules in a monetary union under asymmetric information
Marattin, Luigi; Meraglia, Simone - 2015
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states...
Persistent link: https://www.econbiz.de/10011714310
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Potential output and fiscal rules in a monetary union under asymmetric information - 2nd ed
Marattin, Luigi; Meraglia, Simone - 2016 - 2nd edition
We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric...
Persistent link: https://www.econbiz.de/10011705510
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Indeterminacy of rational expectations equilibria in sequential financial markets
Donati, Paola - 2003
We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...
Persistent link: https://www.econbiz.de/10009635915
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Maturity shortening and market failure
Thierfelder, Felix - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...
Persistent link: https://www.econbiz.de/10009509089
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Optimal monetary policy with imperfect common knowledge
Adam, Klaus - 2003
We study optimal nominal demand policy in an economy with monopolistic competition and flexible prices when firms have imperfect common knowledge about the shocks hitting the economy. Parametrizing firms' information imperfections by a (Shannon) capacity parameter that constrains the amount of...
Persistent link: https://www.econbiz.de/10009765354