 | Professor of Economics, Massachusetts Institute of Technology Verified email at mit.edu Cited by 2913 |
A Alesina… - 2002 - papers.ssrn.com
Abstract: Different beliefs about how fair social competition is and what determines income
inequality, influence the redistributive policy chosen democratically in a society. But the
composition of income in the first place depends on equilibrium tax policies. If a society ...
GM Angeletos, D Laibson, A Repetto… - The Journal of Economic …, 2001 - JSTOR
O ur preferences for the long run tend to conflict with our short-run behavior. When planning
for the long run, we intend to meet our deadlines, exercise regularly, and eat healthfully. But
in the short run, we have little interest in revising manuscripts, jogging on the StairMaster, ...
We examine how credit constraints affect the cyclical behavior of productivity-enhancing
investment and thereby volatility and growth. We first develop a simple growth model where
firms engage in two types of investment: a short-term one and a long-term productivity- ...
This paper analyzes equilibrium and welfare for a tractable class of economies (games) that
have externalities, strategic complementarity or substitutability, and heterogeneous
information. First, we characterize the equilibrium use of information: complementarity ...
Crises are volatile times when endogenous sources of information are closely monitored.
We study the role of information in crises by introducing a financial market in a coordination
game with imperfect information. The asset price aggregates dispersed private information ...
How do public and private information affect equilibrium allocations and social welfare in
economies with investment complementarities? And what is the optimal transparency in the
information conveyed, for example, by economic statistics, policy announcements, or ...
This paper augments the neoclassical growth model to study the macroeconomic effects of
uninsured idiosyncratic investment, or capital-income, risk. Under standard assumptions for
preferences and technologies, individual policy rules are linear in individual wealth, ...
GM Angeletos, C Hellwig… - Econometrica, 2007 - Wiley Online Library
Global games of regime change—coordination games of incomplete information in which a
status quo is abandoned once a sufficiently large fraction of agents attack it—have been
used to study crises phenomena such as currency attacks, bank runs, debt crises, and ...
GM Angeletos - The Quarterly Journal of Economics, 2002 - qje.oxfordjournals.org
Abstract How should the tax rate and the level of public debt adjust to an adverse fiscal
shock? What is the optimal maturity structure of public debt? If the maturity structure is
carefully chosen, the ex post variation in the market value of public debt can cover the ...
GM Angeletos… - Journal of Monetary Economics, 2006 - Elsevier
We introduce a neoclassical growth economy with idiosyncratic production risk and
incomplete markets. Each agent is an entrepreneur operating her own technology with her
own capital stock. The general equilibrium is characterized by a closed-form recursion in ...
Abstract: This paper introduces signaling in a global game so as to examine the
informational role of policy in coordination environments such as currency crises and bank
runs. While exogenous asymmetric information has been shown to select a unique ...
M Amador, I Werning… - Econometrica, 2006 - Wiley Online Library
We study the optimal trade-off between commitment and flexibility in a consump-tion–
savings model. Individuals expect to receive relevant information regarding tastes and thus
they value the flexibility provided by larger choice sets. On the other hand, they also ...
A Alesina… - Journal of Monetary Economics, 2005 - Elsevier
Bigger governments raise the possibilities for corruption; more corruption may in turn raise
the support for redistributive policies that intend to correct the inequality and injustice
generated by corruption. We formalize these insights in a simple dynamic model. A ...
[CITATION] Volatility and growth: Financial development and the cyclical composition of investment
P Aghion,
GM Angeletos, A Banerjee… - NBER Working paper, 2004
A Alesina… - 2003 - nber.org
Different beliefs about how fair social competition is and what determines income inequality,
influence the redistributive policy chosen democratically in a society. But the composition of
income in the first place depends on equilibrium tax policies. If a society believes that ...
This paper examines the ability of a policy maker to control equilibrium outcomes in an
environment where market participants play a coordination game with information
heterogeneity. We consider defense policies against speculative currency attacks in a ...
P Aghion,
GM Angeletos, A Banerjee… - Journal of Monetary …, 2010 - Elsevier
How does uncertainty and credit constraints affect the cyclical composition of investment and
thereby volatility and growth? This paper addresses this question within a model where firms
engage in two types of investment: a short-term one; and a long-term one, which ...
This paper studies policy in a class of economies in which information about commonly-
relevant fundamentals--such as aggregate productivity and demand conditions--is dispersed
and can not be centralized by the government. In these economies, the decentralized use ...
This paper investigates a real-business-cycle economy that features dispersed information
about the underlying aggregate productivity shocks, taste shocks, and, potentially, shocks to
monopoly power. We show how the dispersion of information can (i) contribute to ...
Many argue that crises--such as currency attacks, bank runs and riots--can be described as
times of non-fundamental volatility. We argue that crises are also times when endogenous
sources of information are closely monitored and thus an important part of the phenomena ...
In recent years there has been a growing interest in macro models with heterogeneity in
information and complementarity in actions. These models deliver promising positive
properties, such as heightened inertia and volatility. But they also raise important ...
Abstract: We introduce a Ramsey growth model with incomplete markets, decentralized
production, and idiosyncratic technological risk. The combination of uninsurable shocks with
the precautionary motive can slow down capital accumulation or give rise to persistent ...
GM Angeletos… - CEPR Discussion Papers, 2000 - ideas.repec.org
The goal of this paper is to propose a simple paradigm for understanding rent seeking and
corruption in the growth context. We develop an endogenous growth model where
entrepreneurs, as intermediate-good producers, may engage in rent-seeking activities. ...
The arrival of new, unfamiliar, investment opportunities is often associated with “exuberant”
movements in asset prices and real economic activity. During these episodes of high
uncertainty, financial markets look at the real sector for signals about the profitability of the ...
M Amador, I Werning… - 2003 - nber.org
This paper studies the optimal trade-off between commitment and flexibility in an
intertemporal consumption/savings choice model. Individuals expect to receive relevant
information regarding their own situation and tastes-generating a value for flexibility-but ...
GM Angeletos… - Journal of Mathematical Economics, 2005 - Elsevier
We investigate a neoclassical economy with heterogeneous agents, convex technologies
and idiosyncratic production risk. Combined with precautionary savings, investment risk
generates rich effects that do not arise in the presence of pure endowment risk. Under a ...
Abstract We study how the heterogeneity of information impacts the efficiency of the
business cycle and the design of optimal fiscal and monetary policy. We do so within a
model that features a standard Dixit-Stiglitz demand structure, introduces dispersed ...
GM Angeletos… - Journal of Monetary Economics, 2009 - Elsevier
The question that motivates this paper is how incomplete information impacts the response
of prices to nominal shocks. Our baseline model is a variant of the Calvo model in which
firms observe the underlying nominal shocks with noise. In this model, the response of ...
Global games of regime change--that is, coordination games of incomplete information in
which a status quo is abandoned once a sufficiently large fraction of agents attacks it--have
been used to study crises phenomena such as currency attacks, bank runs, debt crises, ...
GM Angeletos… - Journal of Monetary Economics, 2009 - Elsevier
We revisit the macroeconomic effects of government consumption in the neoclassical growth
model when agents face uninsured idiosyncratic investment risk. Under complete markets, a
permanent increase in government consumption has no long-run effect on interest rates ...
Abstract This paper examines a class of economies with externalities, strategic
complementarity or substitutability, and incomplete information. We first characterize efficient
allocations and compare them to equilibrium. We show how the optimal degree of ...
This paper studies defense policies in a global-game model of speculative currency attacks.
Although the signaling role of policy interventions sustains multiple equilibria, a number of
novel predictions emerge which are robust across all equilibria.(i) The central bank ...
This paper revisits the macroeconomic effects of government consumption in the
neoclassical growth model augmented with idiosyncratic investment (or entrepreneurial)
risk. Under complete markets, a permanent increase in government consumption has no ...
We consider a class of convex, competitive, neoclassical economies in which agents are
rational; the equilibrium is unique; there is no room for randomization devices; and there are
no shocks to preferences, technologies, endowments, or other fundamentals. In short, we ...
GM Angeletos - Unpublished manuscript, Massachusetts Institute …, 2003 - time.dufe.edu.cn
Abstract This paper examines the effects of idiosyncratic investment, entrepreneurial, or
capital-income risk in a neoclassical growth economy, with heterogeneous infinitely-lived
risk-averse households, competitive labor and product markets, and incomplete risk ...
Abstract This paper argues that adding endogenous information aggregation to situations
where coordination is important—such as currency crises, bank runs and riots—yields novel
insights into the multiplicity of equilibria and, more generally, market volatility. Morris and ...
How does financial integration impact capital accumulation, current-account dynamics, and
cross-country inequality? We investigate this question within a two-country, general-
equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic ...
GM Angeletos, C Hellwig… - Unpublished paper, MIT, UCLA, …, 2006 - econ.upf.edu
Abstract Global games of regime change–coordination games of incomplete information in
which a status quo is abandoned once a sufficiently large fraction of agents attacks it–have
been used to study crises phenomena such as currency attacks, bank runs, debt crises, ...
[CITATION] On the dynamics of information, coordination, and regime change
Following the tradition of Ramsey (1928), Barro (1979), and Lucas and Stokey (1983), the
neoclassical literature on optimal fiscal policy has emphasized that, when taxation is
distortionary, welfare is maximized if the government smoothes taxes across different ...
[CITATION] Optimal Commitment
M Amador, GM Angeletos… - Manuscript, Massachusetts Institute of …, 2003
[CITATION] Preempting Speculative Currency Attacks: Robust Predictions in a Global-Game with Multiple Equilibria
GM Angeletos… - 2011 - working paper, Northwestern …
[CITATION] Corrective vs. Redistributive Taxation
M Amador, GM Angeletos… - 2004 - MIT working paper
[CITATION] 2oo7, Uninsured idiosyncratic investment risk and aggregate saving
AG Marios - Review of Economic Dynamics, 1o
GM Angeletos, A Hellwig… - NBER Working Paper, 2004 - aida.econ.yale.edu
Abstract Global games of regime change—that is, coordination games of incomplete
information in which a “status quo” is abandoned once a sufficiently large fraction of agents
attacks it—have been used to study crises phenomena such bank runs, currency attacks, ...
[CITATION] Jeremy Tobac& man, and Stephen Weinberg (2001). oThe Hyperbolic Consumption Model: Calibration
GM Angeletos, D Laibson… - Simulation, and Empirical Evaluation. pJournal of …
[CITATION] Private equity and idiosyncratic investment risk in the neoclassical growth model
GM Angeletos - 2003 - MIT mimeo
[CITATION] Idiosyncratic investment risk in the neoclassical growth model
GM Angeletos - 2004 - Working paper. Massachusetts …
[CITATION] Forthcoming.“Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks.”
GM Angeletos, C Hellwig… - Econometrica
[CITATION] Efficient Use of Information and Welfare Analysis with Complementarities and Asymmetric Information
GM Angeletos… - 2005 - mimeo MIT
Abstract The arrival of new, unfamiliar, investment opportunitiesp eg, internet commerce,
emerging markets, novel financial instrumentsp is often associated with large, mexuberant,
nmovements in asset prices and real investment. While irrational explanations of these ...
[CITATION] Incomplete markets, growth and the business cycle
A George-Marios… - HIER DP, 2001
[CITATION] The Hyperbolic Buffer Stock Model: Calibration, Simulation, and Empirical Evidence
GM Angeletos, D Laibson, A Repetto, J Tobacman… - Journal of Economic Perspectives
[CITATION] Fairness and Redistribution: US vs Europe
A Alberto… - 2002 - mimeo
GM Angeletos, C Hellwig… - Discussion Papers, 2008 - Citeseer
Abstract This paper studies defense policies in a global-game model of speculative currency
attacks. Although the signaling role of policy interventions sustains multiple equilibria, a
number of novel predictions emerge which are robust across all equilibria.(i) The central ...
What are the welfare effects of the information contained in macroeconomic statistics, central-
bank communications, or news in the media? We address this question in a business-cycle
framework that nests the neoclassical core of modern DSGE models. Earlier lessons that ...
[CITATION] Higher-Order Beliefs, Market Sentiment, and the Business Cycle
GM Angeletos… - work in progress, 2008
We study optimal monetary policy in an environment in which firms' pricing and production
decisions are subject to informational frictions. Our framework accommodates multiple
formalizations of these frictions, including dispersed private information, sticky information, ...
GM Angeletos… - Unpublished paper, MIT, 2005 - stuff.mit.edu
Abstract Crises, such as currency attacks, bank runs and riots, can be described as times of
non-fundamental volatility. We argue that crises are also times when endogenous sources of
information are closely monitored and thus an important part of the phenomena. We study ...
[CITATION] Beauty Contests
GM Angeletos, G Lorenzoni… - 2006 - mimeo MIT
The paper by Benigno and Woodford makes an important contribution to the theory of
cyclical fiscal and monetary policies. Following the tradition of Ramsey (1927), Barro (1979),
and Lucas and Stokey (1983), the neoclassical literature on optimal fiscal policy has ...
GM Angeletos - MIT Department of Economics Working Paper No. …, 2008 - papers.ssrn.com
Abstract: Coordination models have been used in macroeconomics to study a variety of
crises phenomena. It is well understood that, in these models, aggregate fluctuations can be
purely self-fulfilling. In this paper I highlight that cross-sectional heterogeneity in ...
[CITATION] The Value of Information and Coordination in Economies with Investment Complementarities
GM Angeletos - Econometric Society World Congress 2000 …, 2000 - econpapers.repec.org
... Please update your bookmarks. Fiscal Policy and the Maturity Structure with Non-Contingent
Debt. George-Marios Angeletos (). No 802, Econometric Society World Congress 2000
Contributed Papers from Econometric Society. Abstract: No abstract. ...
GM Angeletos… - Manuscript, MIT, 2005 - igier.uni-bocconi.it
Abstract This paper analyzes equilibrium and welfare for a tractable class of economies with
externalities, strategic complementarity or substitutability, and incomplete information. We
first characterize the equilibrium use of information and show how strategic payoff effects ...
V Panousi… - 2011 - papers.ssrn.com
Abstract: How does financial integration impact capital accumulation, current-account
dynamics, and cross-country inequality? This paper investigates this question within a two-
country, general-equilibrium, incomplete-markets model that focuses on the importance of ...
[CITATION] Dynamic Global Games of Regime Change
[CITATION] Jennifer La'O. 2009.“Incomplete Information, Higher-Order Beliefs and Price Inertia.”
GM Angeletos - NBER Working Paper
This paper examines equilibrium and welfare in a tractable class of economies with
externalities, strategic complementarity or substitutability, and incomplete information. In
equilibrium, complementarity amplifies aggregate volatility by increasing the sensitivity of ...
Abstract: This paper argues that adding endogenous information aggregation to situations
where coordination is important-such as riots, self-fulfilling currency crises, bank runs, debt
crises or financial crashes-yields novel insights into the multiplicity of equilibria. Morris ...
[CITATION] Volatility and Growth: Credit Constraints and Prodcutivity-Enhancing Investment
A Philippe, GM Angeletos, A Banerjee… - NBER Working Paper, 2005
[CITATION] Policy in Economies with Dispersed Information
[CITATION] Harvard Institute of Economic Research
Zusammenfassung: This paper studies defense policies in a global-game model of
speculative currency attacks. Although the signaling role of policy interventions sustains
multiple equilibria, a number of novel predictions emerge which are robust across all ...
N Wallace, R Wright, C Meghir, K Wolpin… - …, 2007 - Wiley Online Library
THE 2008 NORTH AMERICAN SUMMER MEETING of the Econometric Society will be
hosted by the David A. Tepper School of Business, Carnegie Mellon University, June 19–22,
2008. The program committee will be co-chaired by Dennis Epple and Stanley Zin of ...
Abstract This paper studies defense policies in a global-game model of speculative currency
attacks. Although the signaling role of policy interventions sustains multiple equilibria, a
number of novel predictions emerge which are robust across all equilibria.(i) The central ...
Zusammenfassung: This paper examines the ability of a policy maker to control equilibrium
outcomes in a global coordination game; applications include currency attacks, bank runs,
and debt crises. A unique equilibrium is known to survive when the policy is exogenously ...
The goal of this paper is to propose a simple paradigm for understanding rent seeking and
corruption in the growth context. We develop an endogenous growth model where
entrepreneurs, as intermediate-good producers, may engage in rent-seeking activities. ...
[CITATION] Preemptive Policies Against Currency Attacks
PAGMA Abhijit… - 2004 - elsa.berkeley.edu
Abstract This paper investigates how financial development affects the cyclical behavior of
the composition of investment and thereby volatility and growth. We first consider an
endogenous growth model in which firms engage in two types of investment, a short-term ...
Abstract Information regarding commonly-relevant fundamentals (such as aggregate
productivity and demand conditions) is widely dispersed in society, is only imperfectly
aggregated through prices or other indicators of aggregate activity, and can not be ...
This dissertation consists of four chapters on empirical and experimental macroeconomics
and other experimental topics. Chapter 1 uses a laboratory experiment to test the predictions
of a dynamic global game designed to capture the role of information and coordination in ...
N Wallace, R Wright, C Meghir, K Wolpin… - …, 2008 - Wiley Online Library
THE 2008 ECONOMETRIC SOCIETY AUSTRALASIAN MEETING will be held in on 9–11
July, 2008 in Wellington, New Zealand and serves as a symposium to mark the life and work
of AWH Phillips. The New Zealand Association of Economists (NZAE) and the ...
PAGMA Abhijit… - aida.econ.yale.edu
Abstract This paper investigates how financial development affects the cyclical behavior of
the composition of investment and thereby volatility and growth. We first develop a simple
endogenousgrowth model in which firms engage in two types of investment: a short-term ...
GM Angeletos, O Blanchard, F Giavazzi… - 2008 - dspace.mit.edu
This thesis consists of three separate essays related to international economics and labor
markets. The first essay, with Francisco Gallego, looks at sudden stops, a main feature of
developing countries in the last decades, and their effects on these countries. Using sector ...
A Pavan,
GM Angeletos… - 2004 Meeting Papers, 2004 - ideas.repec.org
This paper examines how the dynamics of information influences the dynamics of
coordination in an environment with strategic complementarities and heterogeneous
expectations. We consider a simple dynamic global game of regime change, in which the ...
This dissertation consists of three essays on the relation between investors' trading horizon
and stock prices. The first chapter explores the theoretical relation between the horizon of
traders and the negative externality generated by their activity on the information revealed ...
RJ Caballero,
GM Angeletos, JE Goldberg - 2011 - dspace.mit.edu
This thesis examines questions at the intersection of macroeconomics and finance. Chapter
1 studies the persistent effects of a decrease in firms' ability to borrow. I develop a tractable
model of deleveraging that emphasizes (i) firms as suppliers of financial assets to ...
This dissertation consists of four chapters analyzing the effects of heterogeneous and
asymmetric information in macroeconomic and financial settings, with an emphasis on short-
run fluctuations. Within these chapters, I study the implications these informational frictions ...
V Panousi… - 2011 - papers.ssrn.com
Abstract: How does financial integration impact capital accumulation, current-account
dynamics, and cross-country inequality? We investigate this question within a two-country,
general-equilibrium, incomplete-markets model that focuses on the importance of ...
How does financial integration impact capital accumulation, current-account dynamics, and
cross-country inequality? We investigate this question within a two-country, general-
equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic ...
The neoclassical growth model is augmented to study the macroeconomic effects of
uninsured idiosyncratic investment risk. As compared to complete markets, the steady state
is characterized by both a lower interest rate and a lower capital stock when the elasticity ...
Abstract We examine how credit constraints affect the cyclical behavior of productivity-
enhancing investment and thereby volatility and growth. We first develop a simple growth
model where firms engage in two types of investment: a short-term one and a long-term ...
[CITATION] Now available online at ZZZ FHSU RUJ
F ZILIBOTTI, GM ANGELETOS… - Journal of the …, 2011 - Wiley Online Library
... Letter from the Editors of JEEA. Fabrizio ZILIBOTTI,; George-Marios ANGELETOS,; Fabio CANOVA,;
Stefano DELLAVIGNA. Article first published online: 20 JAN 2011. DOI: 10.1111/j.1365-2966.2010.
01007.x. © 2010 by the European Economic Association. Issue. ...
PAGMA Abhijit… - 2007 - pages.uoregon.edu
Abstract This paper examines how uncertainty and credit constraints affect the composition
of investment and thereby volatility and growth. We develop a model where firms engage in
two types of investment: a short-term one; and a long-term one, which contributes more to ...
It is often argued that borrowing constraints are crucial to the understanding of
entrepreneurial activity in the United States. However, portfolio data and calibration
exercises raise doubts about the importance of borrowing constraints. This thesis provides ...
This paper shows how rational investors can have different degrees of optimism regarding
the prospects of the economy, even if they share exactly the same information regarding all
economic fundamentals. The key is that heterogeneity in expectations regarding ...
Abstract This paper is a positive study of defense policies against coordinated attacks. The
policy exercise is embedded in a global game that stylizes the role of coordination in
applications such as currency crises and bank runs. Previous work has documented that ...
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