We study the consequences of campaign finance disclosure laws in a model of informative campaign finance. Campaign spending can affect electoral outcomes and also signal policy information to politicians. Under mandatory disclosure donors may engage in spending that runs counter to their...

We develop a dynamic learning model to study money adoption. Agents own an asset that can potentially serve as money. The asset steadily generates stochastic dividends which can be positive or negative. Agents gradually learn about the distribution of dividends and based on the learning outcomes...