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 stabilizing the price level and stabilizing 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 different 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 find...

[eng] The judicial treatment of international insolvency : towards international bankruptcy procedures for firms in emerging countries . One of the results of the financial globalisation has been a growing involvement of foreign investors in the financing of emerging markets' firms. The absence...

Financial markets are known for overreacting to public information. Central banks can reduce this overreaction either by disclosing information to only a fraction of market participants (partial publicity) or by disclosing information to all participants but with ambiguity (partial...

In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because public signals are more informative about the likely behavior of others. We present an experiment in which...

This paper analyzes the welfare effects of economic transparency in the conduct of monetary policy. We propose a model of monopolistic competition with imperfect common knowledge on the shocks affecting the economy where the central bank has no inflationary bias. In this context, monetary policy...

[fre] Jean-Pierre Allegret Camille Cornand La politique de diffusion de l'information : la transparence des banques centrales est-elle toujours préférable ? La transparence est devenue l'un des piliers des banques centrales et des institutions internationales afin d'accroître leur...

[fre] Ce papier propose une analyse de la politique monétaire dans une économie où la non-neutralité monétaire est issue de deux principales hypothèses : la connaissance commune imparfaite et l'existence de complémentarités stratégiques entre les agents économiques. L'attrait pour ce...

The aim of this paper is to evaluate to what extent more transparency can reduce the occurrence of speculative attacks. It proposes a survey of the literature about the pros and cons of transparency on the exchange rate market, which is one of the main pillars of the new international financial...