Regular ArticleVolatile Policy and Private Information: The Case of Monetary Shocks☆
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Volatility transmission to the fine wine market
2020, Economic ModellingCitation Excerpt :When a market becomes very volatile and agents become increasingly uncertain about the future trend of certain economic variables relevant to their decision-making, market activities can be altered, depressed, or even stopped. At the extreme, high market volatility can dry up a market’s liquidity (Morgan, 1998; Jones and Manuelli, 2001). Due to its importance in the economic world, we retain the U.S. context.
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2006, Journal of Monetary EconomicsCitation Excerpt :In turn, this punishment allows optimistic buyers to ask for (and receive) a relatively high level of output. This result contrasts, for example, with Jones and Manuelli (2001). They analyze an environment with asymmetric information with respect to the value of money and describe how a lemon's problem arises leading to the possibility of no trade.
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The authors thank the NSF for providing financial support for this research. Part of this work was done when both authors visited the Bank of Portugal, which provided a stimulating research environment. They also thank John Kennan, Bob Lucas, Tom Sargent, Nancy Stokey, Steve Williamson, an associate editor of the Journal, and seminar participants for useful conservations on these topics.
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To whom correspondence should be addressed.