effects, complete transparency would reduce contracting efficiency and, hence, the measurement must be suitably adapted to … credit conditions. The optimal measurement is asymmetric and reports precise information about high collateral values if …

effects, complete transparency would reduce contracting efficiency and, hence, the measurement must be suitably adapted to … credit conditions. The optimal measurement is asymmetric and reports precise information about high collateral values if …

of productive resources away from the most productive agents. Second, following an adverse productivity shock there is a … dynamic trade-off between the immediate fall in output, which is an efficient response to the productivity fall, and the fall … some inflation variability, even if the only shocks in the economy are productivity shocks. The optimal variability of …