Cet article analyse les effets de la transparence économique sur l’efficacité de la politique monétaire dans un modèle de concurrence monopolistique en connaissance commune imparfaite sur les chocs de demande affectant une économie sans biais inflationniste. Nous montrons que la...

This paper analyzes the welfare effects of economic transparency in a model of monopolistic competition with imperfect common knowledge on the shocks affecting the economy where the central bank has no inflationary bias. Monetary policy entails a dual role, as an action that stabilizes the...

L'implication du secteur prive dans la resolution des crises de liquidite est un des themes les plus ardemment debattus au sein de la nouvelle architecture financiere internationale. Face aux critiques que subit l'approche au cas par cas preconisee par le secteur officiel et a l'irrealisme de la...

The weight assigned to public information in Keynesian beauty contest depends on the signal precision and on the degree of strategic complementarities. This experimental study shows that the response of subjects to changes in the signal precision and in the degree of strategic complementarities...

In Keynes’ beauty contest, agents have to choose actions in accordance with an expected fundamental value and with the conventional value expected to be set by the market. In doing so, agents respond to a fundamental and to a coordination motive respectively, the prevalence of either motive...

Relying on the recent literature, we propose an informational interpretation to the recent financial crisis. We adopt a twofold point of view. On the one hand, we analyze the difficulties associated with the inability of economic and financial agents to deal with information and with the lack of...

This article analyses the effects of economic transparency on the optimal monetary policy in an economy affected by demand shocks. In an environment of imperfect common knowledge, demand shocks create a trade-off between stabilising the price level and stabilising the output gap. The monetary...

One of the most striking consequences of the recent episode of sovereign debt market stress in the Eurozone has been the increase in the share of public debt held by the domestic sector in fragile economies. First, we identify the shocks that explain most of the variation in this share in an...

We use laboratory experiments with human subjects to test the relevance of di-fferent inflation targeting regimes. In particular and within the standard New Keynesian model, we evaluate to what extent communication of the inflation target is relevant to the success of inflation targeting. We...

This paper argues that a central bank’s optimal policy in response to a cost-push shock depends upon its disclosure regime. More precisely, a credible central bank may find it optimal to implement an accommodative monetary policy in response to a positive cost-push shock whenever the...