effect of a change in parameters when agents' beliefs are held constant, and a multiplier effect, which captures the role of … adjustments in agents' beliefs. I characterize conditions under which the multiplier effect is strong and relate it to the … strength of strategic complementarities and the publicity multiplier emphasized in earlier work. Finally, I use the above …

is subject to multiplier effects. We build upon the static case, where all agents receive a private signal about an … in the second period and learn about the public signal through a multiplier signal. We show that in the unique … information is thus considerably lower than the static case suggests. Multiplier effects might decrease overall welfare if …