US Federal Open Market Committee (FOMC) projections for the federal funds rate are inherently subject to revision with the availability of new data. But when issued jointly with projections for macroeconomic aggregates, they also contain conditional information about the intended future policy...

Given a game with uncertain payoffs, information design analyzes the extent to which the provision of information alone can influence the behavior of the players. Information design has a literal interpretation, under which there is a real information designer who can commit to the choice of the...

We analyze the welfare consequences of a monopolist having additional information about consumers' tastes, beyond the prior distribution; the additional information can be used to charge different prices to different segments of the market, i.e., carry out "third degree price discrimination." We...

What are the welfare effects of enhanced dissemination of public information through the media and disclosures by market participants with high public visibility? For instance, is it always desirable to have frequent and timely publications of economic statistics by government agencies and the...

We study stochastic games with an infinite horizon and sequential moves played by an arbitrary number of players. We assume that social memory is finite --every player, except possibly one, is finitely lived and cannot observe events that are sufficiently far back in the past. This class of...

We study how the outcomes of a private-value first price auction can vary with bidders' information, for a fixed distribution of private values. In a two bidder, two value, setting, we characterize all combinations of bidder surplus and revenue that can arise, and identify the information...

Each player in an infinite population interacts strategically with a finite subset of that population. Suppose each player?s binary choice in each period is a best response to the population choices of the previous period. When can behaviour that is initially played by only a finite set of...

One role of monetary policy is to coordinate expectations in the economy and greater transparency of monetary policy may lead to greater coordination. But if transparent monetary policy helps coordinate expectations, then it must also magnify mistakes

Incomplete information games, local interaction games and random matching games are all special cases of a general class of interaction games (Morris (1997)). In this paper, we use this equivalence to present a unified treatment of arguments generating uniqueness in games with strategic...