EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/57655
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorGizatulina, Aliaen_US
dc.date.accessioned2012-04-19en_US
dc.date.accessioned2012-04-27T10:44:37Z-
dc.date.available2012-04-27T10:44:37Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/57655-
dc.description.abstractThis paper studies the social value of public information in environments without common knowledge of data-generating process. We show that the stronger is the coordination motive behind agents behaviour, the more they would like to interpret private or public signals in the way that they suspect others are doing it. Consequently, the negative impact of public communication noted by Morris and Shin (2004) can be amplified if agents have doubts whether others take the public signal too literally and/or are too inattentive to their private signals. The social welfare increases when each agent evaluates the precision of public signal correctly but believes that others did not understand the public signal at all, which suggests that there is a scope for the central bank to 'obliterate' its communication in a specific way, by making it, e.g., sophisticated and technical.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper: Monetary Policy and International Finance 3787en_US
dc.subject.jelD82en_US
dc.subject.jelE58en_US
dc.subject.ddc330en_US
dc.subject.keywordcentral bank communicationen_US
dc.subject.keywordtransparencyen_US
dc.subject.keywordcommon p-beliefen_US
dc.subject.keywordcoordination gameen_US
dc.subject.keywordhigher-order uncertaintyen_US
dc.titleInterpreting how others interpret it: Social value of public informationen_US
dc.typeWorking Paperen_US
dc.identifier.ppn690251645en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

Files in This Item:
File Description SizeFormat
690251645.pdf468.88 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.