What are the welfare effects of enhanced disclosures of public information - Is it always the case, that frequent and timely publication of economic statistics by government agencies and the central bank are desirable - This question has become one of several interlinked strands of debate on the...

What are the welfare effects of enhanced disclosures of public information ? Is it always the case, that frequent and timely publication of economic statistics by government agencies and the central bank are desirable ? This question has become one of several interlinked strands of debate on the...

We re-examine the Morris and Shin (2002) model, but assume that players hold proper priors. This sharply alters equilibrium behavior, and welfare, particularly when coordination dominates individual payoffs. Whereas under improper priors the social value of public information is smallest, and...