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Macroeconomic Policy Games with Incomplete Information: Some Extensions

Driffill, John - C.E.P.R. Discussion Papers - 1987

central result of the work by Backus and Driffill and by Barro is that the uncertainty may provide an incentive for the … in two ways. First, it considers a model in which the uncertainty about the government's preferences is somewhat more … exactly the policy measures taken by the government. The analysis of the more general model of uncertainty about preferences …

Persistent link: https://www.econbiz.de/10005504603

Constrained Discretion and Central Bank Transparency

Bianchi, Francesco; Melosi, Leonardo - C.E.P.R. Discussion Papers - 2014

pessimistic about future monetary policy and uncertainty gradually rises. Reputation determines the speed with which agents … central bank reputation and transparency. Monetary policy alternates between periods of active inflation stabilization and … found to benefit from strong reputation and large flexibility in responding to inflationary shocks. Increasing transparency …

Persistent link: https://www.econbiz.de/10011084074

Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2008

We consider the release of information by a firm when the manager has discretion regarding the timing of its release. While it is well known that firms appear to delay the release of bad news, we examine how external information about the state of the economy (or the industry) affects this...

Persistent link: https://www.econbiz.de/10005788970

Endogenous Information Flows and the Clustering of Announcements

Acharya, Viral V; DeMarzo, Peter; Kremer, Ilan - C.E.P.R. Discussion Papers - 2011

We consider the strategic timing of information releases in a dynamic disclosure model. Because investors don’t know whether or when the firm is informed, the firm will not necessarily disclose immediately. We show that bad market news can trigger the immediate release of information by firms....

Persistent link: https://www.econbiz.de/10009364996

Individual Investor Trading and Return Patterns around Earnings Announcements

Kaniel, Ron; Liu, Shuming; Saar, Gideon; Titman, Sheridan - C.E.P.R. Discussion Papers - 2011

This paper documents evidence consistent with informed trading by individual investors around earnings announcements using a unique dataset of NYSE stocks. We show that intense aggregate individual investor buying (selling) predicts large positive (negative) abnormal returns on and after...

Persistent link: https://www.econbiz.de/10008854465

Individual Investor Activity and Performance

Dahlquist, Magnus; Martinez, José Vicente; Söderlind, Paul - C.E.P.R. Discussion Papers - 2012

We examine the activity and performance of a large panel of individual investors (approximately 70,000 investors and their daily returns over the 2000 to 2010 period) in Sweden's Premium Pension System. We document strong inertia in individuals' choices and changes of mutual funds. We find that...

Persistent link: https://www.econbiz.de/10011083319

Fiscal and Monetary Policy Under EMU: Credible Inflation Targets or Unpleasant Monetary Arithmetic?

Levine, Paul L; Pearlman, Joseph - C.E.P.R. Discussion Papers - 1992

The paper emphasizes the distinction between the purely fiscal reasons for fiscal policy coordination under EMU (given a credible low-inflation policy by the ECB), and the spillover effects of an uncoordinated fiscal policy on monetary policy. The worst scenario is where an independent ECB sets...

Persistent link: https://www.econbiz.de/10005497718

Structural Uncertainty and Central Bank Conservatism: The Ignorant Should Keep Their Eyes Shut

Rosal, Joao Mauricio; Spagat, Michael - C.E.P.R. Discussion Papers - 2002

expectations-augmented Phillips curve and its reputation for toughness in fighting inflation. In an environment with an unknown …

Persistent link: https://www.econbiz.de/10005497983

Incentives and Prosocial Behaviour

Bénabou, Roland; Tirole, Jean - C.E.P.R. Discussion Papers - 2004

social reputation or self-respect. The presence of rewards or punishments creates doubt as to the true motive for which good …

Persistent link: https://www.econbiz.de/10005498047

The Value of Relationships: Evidence from a Supply Shock to Kenyan Rose Exports

Macchiavello, Rocco; Morjaria, Ameet - C.E.P.R. Discussion Papers - 2013

This paper provides evidence on the importance of reputation, intended as beliefs buyers hold about seller …'s reliability, in the context of the Kenyan rose export sector. A model of reputation and relational contracting is developed and …

Persistent link: https://www.econbiz.de/10011083485