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dc.contributor.authorGizatulina, Aliaen
dc.date.accessioned2012-04-19-
dc.date.accessioned2012-04-27T10:44:37Z-
dc.date.available2012-04-27T10:44:37Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3787en
dc.subject.jelD82en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordcentral bank communicationen
dc.subject.keywordtransparencyen
dc.subject.keywordcommon p-beliefen
dc.subject.keywordcoordination gameen
dc.subject.keywordhigher-order uncertaintyen
dc.titleInterpreting how others interpret it: Social value of public information-
dc.typeWorking Paperen
dc.identifier.ppn690251645en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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