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Berentsen, Aleksander; Rocheteau, Guillaume - 2004

This paper investigates the role of fiat money in decentralized markets, where producers have private information about the quality of the goods they supply. Money is divisible, terms of trade are determined endogenously, and agents can finance their consumption with money or with real...

Persistent link: https://www.econbiz.de/10014120531

Vertical Differentiation in Monetary Search-Theorectic Models-Revisited

Chang, Chia-Ying - 2010

In this article, the discussion on quality levels in the monetary search theoretical model is extended. By having quality levels endogenously determined, we found that whether money holders have quality preferences is crucial to the results. While the effect of the fraction of money on quality...

Persistent link: https://www.econbiz.de/10013149151

Imperfect common knowledge and the information value of prices

Amato, Jeffrey D.; Shin, Hyun Song - In: Economic theory : official journal of the Society for … 27 (2006) 1, pp. 213-241

Persistent link: https://www.econbiz.de/10003214978

Asset price booms and macroeconomic policy : a risk-shifting approach

Allen, Franklin; Barlevy, Gadi; Gale, Douglas - In: American economic journal 14 (2022) 2, pp. 243-280

Persistent link: https://www.econbiz.de/10013201915

Does too much transparency of central banks prevent agents from using their private information efficiently?

Lindner, Axel (contributor) - 2007

This paper analyses in a simple global games framework welfare effects of different communication strategies of a central bank: it can either publish no more than its overall assessment of the economy or be more transparent, giving detailed reasons for this assessment. The latter strategy is...

Persistent link: https://www.econbiz.de/10003613010

How avoiding overreaction to public information? : some insights on central bank communication practices

Trabelsi, Emna - 2012

It is argued in literature that transparency may be detrimental to welfare. Morris and Shin (2002) suggest reducing the precision of public information or withholding it. The latter seems to be unrealistic. Thus, the issue is not whether central bank should disclose or not its information, but...

Persistent link: https://www.econbiz.de/10011526649

Endogenous Information and Central Bank Transparency

Tamura, Wataru - 2015

This paper studies monetary policy under discretion when the central bank ex ante determines information to be acquired and made public. In a general setting, wherein a monetary instrument signals the central bank's private information, I show that an optimal information policy comprises the...

Persistent link: https://www.econbiz.de/10013026571

Transparency in Monetary Policy, Signaling, and Heterogeneous Information

Hahn, Volker - 2010

In this paper we examine whether publishing the information underlying the central bank's decisions is socially desirable. We show that opacity may lead to the same equilibrium as transparency. However, additional equilibria may emerge under opacity with adverse consequences for welfare....

Persistent link: https://www.econbiz.de/10013147417

Monetary policy under imperfect information and consumer confidence

Brenneisen, Jan-Niklas - 2020 - This version: July 23, 2020.

Although it is generally accepted that consumer confidence measures are informative signals about the state of the economy, theoretical macroeconomic models designed for the analysis of monetary policy typically do not provide a role for them. I develop a framework with asymmetric information in...

Persistent link: https://www.econbiz.de/10012269096

An Explanation for the Price Puzzle : Asymmetric Information and Expectation Dynamics

Tas, Bedri Kamil Onur - 2011

asymmetry between the Central Bank (CB) and the public can cause the price puzzle. The signalling and learning dynamics between … argument using a VAR specification about the US economy. Besides providing an explanation for the price puzzle, the results of … contractionary monetary policy which is identified as “the price puzzle” …

Persistent link: https://www.econbiz.de/10014177978

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