Learning from Prices: Public Communication and Welfare

We'd like to thank, for fruitful discussions and suggestions, George-Marios Angeletos, Andy Atkeson, Gadi Barlevy, Doireann Fitzgerald, Christian Hellwig, Narayana Kocherlakota, Nir Jaimovich, Kei Kawakami, Pat Kehoe, Ivan Werning, Randy Wright; and seminar participants at the Federal Reserve Bank of Cleveland Summer Workshops in Money, Banking and Payments, Stanford Junior Faculty Lunch, University of Pennsylvania, the Federal Reserve Bank of Minneapolis, MIT, NBER EFG Meeting, Queens University, Universite de Montreal, Washington University at St. Louis, UC Irvine, Rice University, Cal Poly, Paris X Nanterre and Paris School of Economics. We thank Marcello Miccoli for research assistance. All errors are ours. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.