We focus on the role that the transmission of information between a multilateral (e.g., the IMF) and a country has for optimal (conditional) reform design. The main result is that the informational advantage of the country must be strictly greater than the advantage of the multilateral in order...

Economic policy for the information economy: a summary of the Bank's 2001 economic symposium / Craig S. Hakkio -- Opening remarks / Alan Greenspan -- The "new economy": background, historical perspective, questions, and speculations / J. Bradford DeLong and Lawrence H. Summers. Commentary /...

The literature that emerged from Mankiw and Reis' (2002) proposal of sticky information as an alternative to sticky-price models has focused on economies populated with (ex-ante) identical firms. This paper analyzes the implications of heterogeneity in the degree of information stickiness among...