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Essays on the Social Value of Inform...

Prada Sarmiento, Juan David.

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Essays on the Social Value of Information in Macroeconomic Models.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on the Social Value of Information in Macroeconomic Models./
作者:	Prada Sarmiento, Juan David.
面頁冊數:	211 p.
附註:	Source: Dissertation Abstracts International, Volume: 76-10(E), Section: A.
Contained By:	Dissertation Abstracts International76-10A(E).
標題:	Economic theory. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3705343
ISBN:	9781321782653

Essays on the Social Value of Information in Macroeconomic Models.
Prada Sarmiento, Juan David.

Essays on the Social Value of Information in Macroeconomic Models. - 211 p.

Source: Dissertation Abstracts International, Volume: 76-10(E), Section: A.

Thesis (Ph.D.)--Northwestern University, 2015.

This dissertation studies the importance of information for better decision making in macroeconomic settings. I incorporate imperfect and dispersed information into dynamic, general equilibrium models that feature stock markets, price stickiness, investment, and monetary policy, and analyze the role that public information plays in these frameworks.

ISBN: 9781321782653Subjects--Topical Terms:

1556984
Economic theory.

Essays on the Social Value of Information in Macroeconomic Models.
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245 1 0 $a Essays on the Social Value of Information in Macroeconomic Models.
300 $a 211 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-10(E), Section: A.
500 $a Adviser: Guido Lorenzoni.
502 $a Thesis (Ph.D.)--Northwestern University, 2015.
520 $a This dissertation studies the importance of information for better decision making in macroeconomic settings. I incorporate imperfect and dispersed information into dynamic, general equilibrium models that feature stock markets, price stickiness, investment, and monetary policy, and analyze the role that public information plays in these frameworks.
520 $a In Chapter 1, I quantify the social value of the information transmitted by the financial system to firms in a real business cycle framework, in an environment with common productivity shocks and temporary, idiosyncratic shocks which inhibit agents' learning. I include the financial sector as a noisy rational expectations asset market: financial traders observe private signals about the permanent component of productivity, the stock price aggregates the dispersed information of traders, and noise traders prevent full revelation. I find that moving from the benchmark economy to one with perfect aggregate information is equivalent to a permanent increase of 0.05% in annual consumption. Finally, both reducing the size of the noisy trade or decreasing the dispersion of information among financial traders have negligible effects on welfare.
520 $a In Chapter 2, I analyze the relation between disclosure of information by the central bank, monetary policy and social welfare. I consider a model of monopolistic price-setting with dispersed information, subject to productivity and labor-wedge shocks. When the central bank sets nominal spending following an optimal linear rule, more disclosure of its private information is detrimental to welfare, regardless of the nature of the shock. The reason is that disclosing information reduces the effectiveness of the policy instrument on output stabilization, weakening its potential welfare-improving effects.
520 $a In Chapter 3, I study the social value of information in a New Keynesian model of monopolistic price-setting with dispersed information. When prices are flexible more disclosure is welfare improving. Under price stickiness as in Calvo (1983) , disclosure is detrimental to welfare because of the additional price dispersion induced by the asynchronous adjustment in prices. If the price stickiness is due to quadratic adjustment costs, as in Rotemberg (1982), disclosure is detrimental to welfare as well: prices respond more to more precise information, increasing the adjustment cost. These results challenge the conventional wisdom found in the literature.
590 $a School code: 0163.
650 4 $a Economic theory. $3 1556984
650 4 $a Commerce-Business. $3 3168423
650 4 $a Finance. $3 542899
650 4 $a Labor economics. $3 642730
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710 2 $a Northwestern University. $b Economics. $3 1020895
773 0 $t Dissertation Abstracts International $g 76-10A(E).
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791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3705343