We study disclosure of information about the multidimensional state of the world when uninformed receivers' actions affect the sender's utility. Given a disclosure rule, the receivers form an expectation about the state following each message. Under the assumption that the sender's expected...

This paper examines the optimal monetary policy and central bank transparency in an economy where firms set prices under informational frictions. The economy is subject to two types of shocks determining the efficient output level and firms' desired mark-ups. To minimize the welfare-reducing...

This paper presents an experimental study of exclusive dealing with an active entrant seller. We compare three treatments, which differ in terms of the sellers' moves, and find significant differences to the incumbent seller's exclusive offer and exclusion rates. Compared to the case where the...