In the presence of dispersed information, agents may decide to take into account the actions of other agents because of the possible additional information conveyed by these actions. We call the act of using other agents' actions in the individual decision process social learning. This paper...

This paper studies information transmission in opaque networks with uncertain inter-firm linkages. Local traders can identify their firm's direct neighbors but are unsure about these firms' linkages to other firms. This uncertainty renders the neighbors' prices difficult to interpret and leads...

In this paper, I incorporate a complex network model into a state of the art stochastic general equilibrium framework with an active interbank market. Banks exchange funds one another generating a complex web of interbanking relations. With the tools of network analysis it is possible to study...

Models with imperfect information that generate persistent monetary nonneutrality predominantly rely on assumptions leading to substantial heterogeneity of information across price-setters. This paper develops a quantitative general equilibrium model in which the degree of heterogeneity of...

This paper explores the importance of shocks to consumer misperceptions, or "noise shocks", in a quantitative business cycle model. I embed imperfect information as in Lorenzoni (2009) into a new Keynesian model with price and wage rigidities. Agents learn about the components of labor...

I study the role of shocks to beliefs combined with Bayesian learning in a standard equilibrium business cycle framework. By adapting ideas from Cogley and Sargent (2008b) to the general equilibrium setting, I am able to study how a prior belief arising from the Great Depression may have...

An important topic in recent macroeconomic literature is the potential effects of noise, or expectational, shocks on aggregates. Most of the past analysis has used some derivative of a New Keynesian model with labor as the only input, but doing so fails to consider that some input decisions may...

I study the implications of economic shocks for objective and subjective CEO performance evaluation. I explore objective CEO performance evaluation using the sensitivity of CEO cash pay to earnings. To set this sensitivity, pay-setting parties draw on information about earnings, which is...

This paper investigates the heterogeneity of monetary policy transmission under time-varying disagreement regimes using a threshold VAR. Empirically, I establish that during times of high disagreement, prices respond more sluggishly in response to monetary shocks. These stickier prices cause a...

We formalize the editorial role of news media in a multi-sector economy and show that media can be an independent source of business cycle fluctuations, even when the information they report is accurate. Our approach tightly links agents' beliefs to real economic developments and allows for...