Similar Search Results

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

Central bank reputation, cheap talk and transparency as substitutes for commitment : experimental evidence

Duffy, John; Heinemann, Frank - 2016 - This Draft: 2 December 2016

We implement a repeated version of the Barro-Gordon monetary policy game in the laboratory and ask whether reputation serves as a substitute for commitment, enabling the central bank to achieve the efficient Ramsey equilibrium and avoid the inefficient, time-inconsistent one-shot Nash...

Persistent link: https://www.econbiz.de/10011572114

Limited higher order beliefs and the welfare effects of public information

Cornand, Camille; Heinemann, Frank; Tobias - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing...

Persistent link: https://www.econbiz.de/10011277277

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

Tas, Bedri Kamil Onur - 2011

Using theoretical and empirical analyses, this paper shows that the expectation dynamics induced by information asymmetry between the Central Bank (CB) and the public can cause the price puzzle. The signalling and learning dynamics between the CB and a representative private-sector agent under...

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

Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information

Kozicki, Sharon; Tinsley, Peter A. - 2004

Despite a large literature documenting that the efficacy of monetary policy depends on how inflation expectations are anchored, many monetary policy models assume: (1) the inflation target of monetary policy is constant; and, (2) the inflation target is known by all economic agents. This paper...

Persistent link: https://www.econbiz.de/10014074174

Inflation, Prices, and Information in Competitive Search

Jerez, Belen; Faig, Miquel - Society for Economic Dynamics - SED - 2005

Persistent link: https://www.econbiz.de/10005090830

Limited higher order beliefs and the welfare effects of public information

Cornand, Camille; Heinemann, Frank - Groupe d'Analyse et de Théorie Économique Lyon … - 2013

Persistent link: https://www.econbiz.de/10011031524

Information, commitment, and separation in illiquid housing markets

Stacey, Derek G. - 2012

I propose a model of the housing market using a search framework with asymmetric information in which sellers are … posting as a signalling device to direct buyers' search. Adverse selection and inefficient entry on the demand side then …

Persistent link: https://www.econbiz.de/10009490077

Information, intermediaries, and international migration

Bazzi, Samuel; Cameron, Lisa Ann; Schaner, Simone; … - 2021

increase in the option value of search: with better ability to differentiate offer quality, workers become choosier and …

Persistent link: https://www.econbiz.de/10012795404

Searching for treatment

Obradovits, Martin; Plaickner, hilipp - 2020

recommendations and price offers only after consumers have approached them, creating additional market power due to search costs. In … the expert and fringe firms is costly. For search costs that are not excessively high, in equilibrium the expert … mistakenly leave the expert, and some low-severity consumers incur unnecessary search costs. Total welfare is non-monotonic in …

Persistent link: https://www.econbiz.de/10012242146