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Unique equilibrium in a dynamic model of crises with frictions
Guimaraes, Bernardo - London School of Economics (LSE) - 2005
This paper studies a dynamic model of crises with timing frictions that combines the main aspects of Morris and Shin (1998) and Frankel and Pauzner (2000). The usual arguments for existence and uniqueness of equilibrium cannot be applied. It is shown that the model has a unique equilibrium...
Persistent link: https://www.econbiz.de/10010928606
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On the Dynamics of Information, Coordination and Regime Change
Pavan, A.; Angeletos, G.M.; Hellwig, C. - Society for Economic Dynamics - SED - 2004
This paper examines how the dynamics of information influences the dynamics of coordination in an environment with … the indeterminacy in short-run dynamics, long-run outcomes are driven by fundamentals: There is a unique threshold below … short phases of high risk of a crisis and long phases of tranquility, which may explain why phenomena such as speculative …
Persistent link: https://www.econbiz.de/10005069517
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Coordination and policy traps
Angeletos, George-Marios; Hellwig, Christian; Pavan, … - 2005
This paper examines the ability of a policy maker to control equilibrium outcomes in a global coordination game; applications include currency attacks, bank runs, and debt crises. A unique equilibrium is known to survive when the policy is exogenously fixed. We show that, by conveying...
Persistent link: https://www.econbiz.de/10010266286
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Selection-free predictions in global games with endogenous information and multiple equilibria
Angeletos, Marios; Pavan, Alessandro - In: Theoretical economics : TE ; an open access journal in … 8 (2013) 3, pp. 883-938
Global games with endogenous information often exhibit multiple equilibria. In this paper we show how one can nevertheless identify useful predictions that are robust across all equilibria and that could not have been delivered in the common-knowledge counterparts of these games. Our analysis is...
Persistent link: https://www.econbiz.de/10011685063
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Selection-free predictions in global games with endogenous information and multiple equilibria
Angeletos, Marios; Pavan, Alessandro - 2012
Global games with endogenous information often exhibit multiple equilibria. In this paper we show how one can nevertheless identify useful predictions that are robust across all equilibria and that could not have been delivered in the common-knowledge counterparts of these games. Our analysis is...
Persistent link: https://www.econbiz.de/10009790364
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Coordination and policy traps
Angeletos, Marios (contributor);  … - 2005
This paper examines the ability of a policy maker to control equilibrium outcomes in a global coordination game; applications include currency attacks, bank runs, and debt crises. A unique equilibrium is known to survive when the policy is exogenously fixed. We show that, by conveying...
Persistent link: https://www.econbiz.de/10003779286
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Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change
Angeletos, George-Marios; Hellwig, Christian; Pavan, … - 2005
agents to accumulate information over time and take actions in many periods. It is shown that dynamics may lead to multiple … possibility that fundamentals predict the eventual regime outcome but not the timing or the number of attacks, or that dynamics …
Persistent link: https://www.econbiz.de/10014067975
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Risk and Wealth in a Model of Self-Fulfilling Currency Attacks
Guimarães, Bernardo; Morris, Stephen - London School of Economics and Political Science - 2006
Market participants' risk attitudes, wealth and portfolio composition influence their positions in apegged foreign currency and, therefore, may have important effects on the sustainability of currencypegs. We analyze such effects in a global game model of currency crises with continuous...
Persistent link: https://www.econbiz.de/10008911497
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Dynamic global games of regime change : learning, multiplicity, and timing of attacks
Angeletos, Marios; Hellwig, Christian; Pavan, Alessandro - 2006
of attacks. Finally, equilibrium dynamics can alternate between phases of tranquillity – where no attack is possible … ; coordination ; multiple equilibria ; information dynamics ; crises …
Persistent link: https://www.econbiz.de/10008665284
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Information Aggregation and Equilibrium Multiplicity : Morris-Shin Meets Grossman-Stiglitz
Angeletos, George-Marios; Werning, Iván - 2004
This paper argues that adding endogenous information aggregation to situations where coordination is important - such as riots, self-fulfilling currency crises, bank runs, debt crises or financial crashes - yields novel insights into the multiplicity of equilibria. Morris and Shin (1998) have...
Persistent link: https://www.econbiz.de/10014072679