I estimate a simultaneous discrete game with incomplete information where players' private information are only required to be median independent of observed states and can be correlated with observable states. This median restriction is weaker than other assumptions on players' private...

Real exchange rates are highly volatile and persistent. I provide a novel structural explanation for these facts using a model with dispersed information among firms. When producers face strategic complementarities in price-setting, uncertainty about competitors' beliefs results in sluggish...

We analyze the impact of information frictions on workers' wages, contributing to the literature that tested search theory, which has so far focused on labor market frictions in general and not specifically on information asymmetries. Using data for 16 countries from the European Social Survey...