In contrary to previous literature, we show in the Grossman-Stiglitz model of noisy rational expectation that the social value of asymmetric information can be improved with more informative prices when being informed is uncertain. Investors always benefit from a privately payoff-relevant...

In this paper, I study the model in Morris and Shin (2002) under strategic information transmission constraints between the public authority and private agents in order to investigate how the precision of the public signal affect the quality of the communication. In the model, a central bank...

Ist das Geld am Ende? Wohl eher nein. Am Ende dagegen erscheint die Art, wie Geld bisher erklärt und gehandhabt wurde. Genau diesem Anliegen widmet sich Walter Schmidt. Sein Buch bietet Anregungen für andere Sichten und Handlungsoptionen für Preis und Geld.Schmidt will durch eine gezielte...

This paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they...

Discussions on Central Bank Digital Currencies (CBDCs) have so far mostly focused on the potential risks that these currencies could represent for financial intermediation and financial stability. It is important, however, to also consider how they could contribute to the welfare of citizens,...