We formalize the editorial role of news media in a multisector economy and show that media
can be an independent source of business cycle fluctuations, even when they report …

This paper studies the social value of information about the future. In a stylized OLG model,
agents need to forecast the future price level, they observe the current price and perceive …

We develop a theory of endogenous uncertainty where the ability of investors to learn about
firm-level fundamentals declines during financial crises. At the same time, higher uncertainty …

We study international propagation of both fundamental and non-fundamental shocks in a
global production network model with information frictions. Producers in a sector do not …

We study the propagation of nominal shocks in a dispersed information economy where
firms learn from and respond to information generated by their activities in product and factor …

We study the propagation of nominal shocks in a dispersed information economy where
firms learn from and respond to information generated by their activities in product and factor …

How do investment friction and information friction interact? We study this question in a
stylized continuous time model of heterogeneous firms facing incomplete information and …

While the central bank observes market activity to assess economic fundamentals, it shapes
the market outcome through the conduct of monetary policy. A dilemma arises from this dual …

I develop a model of production networks in which firms choose inputs under incomplete
information about sectoral productivity and aggregate demand disturbances. As in the …

This paper studies optimal taxation in an economy with information frictions and a
production network across industries. I show that when all industries share the same …