We consider optimal trade policy for a large country with private information. We show that the optimal tariff leads to … a signaling equilibrium with higher tariffs and lower welfare than under complete information, whereas the optimal … import quota replicates the complete information equilibrium and thus is superior to the tariff. We also show that, with the …

In this paper we develop the rst estimator of the covariance matrix that relies solely onforward-looking information …. This estimator only uses price information from a cross-sectionof plain-vanilla options. In an out-of-sample study for US … according to the 1/N rule. The outperformance is strong in periodsof high information asymmetry, whereas in quiet periods all …