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User profiles for author:"George-Marios Angeletos"

George-Marios Angeletos

Professor of Economics, Massachusetts Institute of Technology
Verified email at mit.edu
Cited by 2913

Fairness and redistribution: US versus Europe

[PDF] from harvard.edu
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 ...
Cited by 465 - Related articles - BL Direct - All 65 versions

The hyperbolic consumption model: Calibration, simulation, and empirical evaluation

[PDF] from eief.it
Full text - MIT Libraries
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, ...
Cited by 457 - Related articles - BL Direct - All 43 versions

Volatility and growth: Credit constraints and productivity-enhancing investment

[PDF] from ucl.ac.uk
P Aghion, GM Angeletos, A Banerjee… - 2005 - nber.org
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- ...
Cited by 245 - Related articles - Library Search - All 25 versions

Efficient use of information and social value of information

[PDF] from unicatt.it
Full text - MIT Libraries
GM Angeletos… - Econometrica, 2007 - Wiley Online Library
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 ...
Cited by 182 - Related articles - BL Direct - All 28 versions

Crises and prices: Information aggregation, multiplicity, and volatility

[PDF] from wustl.edu
GM Angeletos… - The American economic review, 2006 - JSTOR
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 ...
Cited by 140 - Related articles - Get it from MIT Libraries - BL Direct - All 23 versions

Transparency of information and coordination in economies with investment complementarities

[PDF] from northwestern.edu
GM Angeletos… - 2004 - nber.org
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 ...
Cited by 129 - Related articles - Library Search - BL Direct - All 30 versions

Uninsured idiosyncratic investment risk and aggregate saving

[PDF] from chicagobooth.edu
Full text - MIT Libraries
GM Angeletos - Review of Economic Dynamics, 2007 - Elsevier
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, ...
Cited by 114 - Related articles - Library Search - All 21 versions

Dynamic global games of regime change: Learning, multiplicity, and the timing of attacks

[PDF] from bme.hu
Full text - MIT Libraries
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 ...
Cited by 110 - Related articles - BL Direct - All 27 versions

Fiscal policy with noncontingent debt and the optimal maturity structure

[PDF] from oxfordjournals.org
Full text - MIT Libraries
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 ...
Cited by 103 - Related articles - Library Search - BL Direct - All 16 versions

Idiosyncratic production risk, growth and the business cycle

[PDF] from espol.edu.ec
Full text - MIT Libraries
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 ...
Cited by 89 - Related articles - Library Search - BL Direct - All 36 versions

Signaling in a global game: Coordination and policy traps

[PDF] from northwestern.edu
GM Angeletos, C Hellwig… - 2006 - papers.ssrn.com
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 ...
Cited by 83 - Related articles - BL Direct - All 21 versions

Commitment vs. flexibility

[PDF] from econometricsociety.org
Full text - MIT Libraries
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 ...
Cited by 79 - Related articles - BL Direct - All 11 versions

Corruption, inequality, and fairness

[PDF] from harvard.edu
Full text - MIT Libraries
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 ...
Cited by 78 - Related articles - Library Search - All 34 versions

[CITATION] Volatility and growth: Financial development and the cyclical composition of investment

P Aghion, GM Angeletos, A Banerjee… - NBER Working paper, 2004
Cited by 72 - Related articles

Fairness and redistribution: US versus Europe

[PDF] from j-bradford-delong.net
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 ...
Cited by 71 - Related articles - Library Search - BL Direct - All 16 versions

Coordination and policy traps

[PDF] from espol.edu.ec
GM Angeletos, C Hellwig… - 2003 - nber.org
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 ...
Cited by 63 - Related articles - BL Direct - All 46 versions

Volatility and growth: Credit constraints and the composition of investment

[PDF] from mit.edu
Full text - MIT Libraries
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 ...
Cited by 53 - Related articles - All 9 versions

Policy with dispersed information

[PDF] from mit.edu
GM Angeletos… - 2007 - nber.org
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 ...
Cited by 49 - Related articles - Library Search - BL Direct - All 47 versions

Noisy business cycles

[PDF] from mit.edu
GM Angeletos… - 2009 - nber.org
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 ...
Cited by 44 - Related articles - Library Search - All 37 versions

Crises and Prices: Information Aggregation, Multiplicity and Volatility

[PDF] from mit.edu
GM Angeletos… - 2004 - nber.org
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 ...
Cited by 30 - Related articles - Library Search - All 9 versions

Socially optimal coordination: Characterization and policy implications

[PDF] from northwestern.edu
GM Angeletos… - 2006 - nber.org
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 ...
Cited by 29 - Related articles - Library Search - BL Direct - All 21 versions

Incomplete markets, growth, and the business cycle

GM Angeletos… - 2001 - papers.ssrn.com
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 ...
Cited by 22 - Related articles - All 7 versions

Rent Seeking/Corruption and Growth: A Simple Model

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. ...
Cited by 19 - Related articles - Cached - Library Search - BL Direct - All 5 versions

Beauty contests and irrational exuberance: A neoclassical approach

[PDF] from psu.edu
GM Angeletos, G Lorenzoni… - 2010 - nber.org
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 ...
Cited by 18 - Related articles - Library Search - All 19 versions

Commitment vs. flexibility

[PDF] from cesifo-group.de
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 ...
Cited by 19 - Related articles - Library Search - All 48 versions

Incomplete-market dynamics in a neoclassical production economy

[PDF] from wustl.edu
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 ...
Cited by 16 - Related articles - Get it from MIT Libraries - Library Search - All 22 versions

[PDF] Dispersed Information over the Business Cycle: Optimal Fiscal and Monetary Policy

[PDF] from nber.org
GM Angeletos… - work in progress, 2008 - nber.org
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 ...
Cited by 15 - Related articles - View as HTML - Get it from MIT Libraries - All 19 versions

Incomplete information, higher-order beliefs and price inertia

[PDF] from mit.edu
Full text - MIT Libraries
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 ...
Cited by 15 - Related articles - Library Search - All 16 versions

Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change

[PDF] from yale.edu
GM Angeletos, C Hellwig… - 2004 - nber.org
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, ...
Cited by 11 - Related articles - Library Search - All 40 versions

Revisiting the supply side effects of government spending

[PDF] from mit.edu
Full text - MIT Libraries
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 ...
Cited by 11 - Related articles - All 13 versions

[PDF] Efficiency and welfare in economies with incomplete information

[PDF] from yale.edu
Full text - MIT Libraries
GM Angeletos… - Econometrica, 2007 - cowles.econ.yale.edu
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 ...
Cited by 9 - Related articles - View as HTML - All 7 versions

Defense policies against currency attacks: On the possibility of predictions in a global game with multiple equilibria

GM Angeletos, A Pavan… - 2007 - ideas.repec.org
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 ...
Cited by 9 - Related articles - Cached - All 5 versions

Revisiting the supply-side effects of government spending under incomplete markets

[PDF] from bcrp.gob.pe
GM Angeletos… - 2007 - nber.org
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 ...
Cited by 8 - Related articles - Library Search - BL Direct - All 14 versions

Decentralization, communication, and the origins of fluctuations

[PDF] from umn.edu
GM Angeletos… - 2011 - nber.org
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 ...
Cited by 7 - Related articles - Library Search - All 21 versions

[PDF] Idiosyncratic investment risk in a neoclassical growth economy

[PDF] from dufe.edu.cn
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 ...
Cited by 6 - Related articles - View as HTML - All 4 versions

[PDF] Information Aggregation, Equilibrium Multiplicity and Market Volatility: Morris-Shin Meets Grossman-Stiglitz

[PDF] from udesa.edu.ar
GM Angeletos… - 2004 - udesa.edu.ar
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 ...
Cited by 6 - Related articles - View as HTML - All 6 versions

Financial integration, entrepreneurial risk and global dynamics

[PDF] from federalreserve.gov
GM Angeletos… - Journal of Economic Theory, 2011 - Elsevier
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 ...
Cited by 7 - Related articles - Get it from MIT Libraries - All 10 versions

[PDF] Learning, multiplicity and timing of attacks in a dynamic global game of regime change

[PDF] from upf.edu
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, ...
Cited by 6 - Related articles - View as HTML - All 2 versions

[CITATION] On the dynamics of information, coordination, and regime change

GM Angeletos, C Hellwig… - Econometrica, 2004
Cited by 6 - Related articles - Get it from MIT Libraries

[PDF] Comments on Benigno and Woodford's “Optimal Monetary and Fiscal Policy”

[PDF] from msu.edu
GM Angeletos - NBER Macroeconomics Annual, 2003 - msu.edu
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 ...
Cited by 5 - Related articles - View as HTML - Get it from MIT Libraries - All 8 versions

[CITATION] Optimal Commitment

M Amador, GM Angeletos… - Manuscript, Massachusetts Institute of …, 2003
Cited by 4 - Related articles

[CITATION] Preempting Speculative Currency Attacks: Robust Predictions in a Global-Game with Multiple Equilibria

GM Angeletos… - 2011 - working paper, Northwestern …
Cited by 4 - Related articles

[CITATION] Corrective vs. Redistributive Taxation

M Amador, GM Angeletos… - 2004 - MIT working paper
Cited by 4 - Related articles - Get it from MIT Libraries

[CITATION] 2oo7, Uninsured idiosyncratic investment risk and aggregate saving

AG Marios - Review of Economic Dynamics, 1o
Cited by 3 - Related articles

[PDF] Information Dynamics and Multiplicity in Global Games of Regime Change

[PDF] from yale.edu
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, ...
Cited by 3 - Related articles - View as HTML - All 6 versions

[CITATION] Jeremy Tobac& man, and Stephen Weinberg (2001). oThe Hyperbolic Consumption Model: Calibration

GM Angeletos, D Laibson… - Simulation, and Empirical Evaluation. pJournal of …
Cited by 3 - Related articles

[CITATION] Private equity and idiosyncratic investment risk in the neoclassical growth model

GM Angeletos - 2003 - MIT mimeo
Cited by 3 - Related articles

[CITATION] Idiosyncratic investment risk in the neoclassical growth model

GM Angeletos - 2004 - Working paper. Massachusetts …
Cited by 3 - Related articles

[CITATION] Forthcoming.“Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks.”

GM Angeletos, C Hellwig… - Econometrica
Cited by 3 - Related articles - Get it from MIT Libraries

[CITATION] Efficient Use of Information and Welfare Analysis with Complementarities and Asymmetric Information

GM Angeletos… - 2005 - mimeo MIT
Cited by 3 - Related articles

[PDF] A Rational Theory of Irrational Exuberance

[PDF] from carloalberto.org
GM Angeletos, G Lorenzoni… - 2008 - carloalberto.org
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 ...
Cited by 3 - Related articles - View as HTML - All 9 versions

[CITATION] Incomplete markets, growth and the business cycle

A George-Marios… - HIER DP, 2001
Cited by 2 - Related articles

[CITATION] The Hyperbolic Buffer Stock Model: Calibration, Simulation, and Empirical Evidence

Full text - MIT Libraries
GM Angeletos, D Laibson, A Repetto, J Tobacman… - Journal of Economic Perspectives
Cited by 2 - Related articles

[CITATION] Fairness and Redistribution: US vs Europe

A Alberto… - 2002 - mimeo
Cited by 2 - Related articles

[PDF] Robust predictions in global games with multiple equilibria: defense policies against currency attacks

[PDF] from psu.edu
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 ...
Cited by 2 - Related articles - View as HTML - All 7 versions

Cycles, gaps, and the social value of information

[PDF] from 18.7.29.232
GM Angeletos, L Iovino… - 2011 - nber.org
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 ...
Cited by 2 - Related articles - Library Search - All 13 versions

[CITATION] Higher-Order Beliefs, Market Sentiment, and the Business Cycle

GM Angeletos… - work in progress, 2008
Cited by 2 - Related articles - Get it from MIT Libraries

Optimal Monetary Policy with Informational Frictions

[PDF] from 18.7.29.232
GM Angeletos… - 2011 - nber.org
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, ...
Cited by 2 - Related articles - All 18 versions

[PDF] Crises and prices

[PDF] from mit.edu
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 ...
Cited by 2 - Related articles - View as HTML - All 28 versions

[CITATION] Beauty Contests

GM Angeletos, G Lorenzoni… - 2006 - mimeo MIT
Cited by 2 - Related articles

[Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach]: Comment

Full text - MIT Libraries
GM Angeletos - NBER Macroeconomics Annual, 2003 - JSTOR
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 ...
Cited by 2 - Related articles

Idiosyncratic Sentiments and Coordination Failures

[PDF] from mit.edu
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 ...
Cited by 2 - Related articles - Library Search - All 2 versions

[CITATION] The Value of Information and Coordination in Economies with Investment Complementarities

GM Angeletos… - 2003 - Mimeo, Massachusetts Institute of …
Cited by 2 - Related articles - All 2 versions

[CITATION] Fiscal Policy and the Maturity Structure with Non-Contingent Debt

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. ...
Cited by 1 - Related articles - Cached - All 4 versions

[PDF] Efficient use of information and welfare analysis in economies with complementarities and asymmetric information

[PDF] from uni-bocconi.it
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 ...
Cited by 1 - Related articles - View as HTML - All 20 versions

Financial integration, entrepreneurial risk and global dynamics

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 ...
Cited by 1 - Related articles - All 6 versions

[CITATION] Dynamic Global Games of Regime Change

GM Angeletos, C Hellwig… - Econometrica, forthcoming, 2006
Cited by 1 - Related articles

[CITATION] Jennifer La'O. 2009.“Incomplete Information, Higher-Order Beliefs and Price Inertia.”

GM Angeletos - NBER Working Paper
Cited by 1 - Related articles

Efficiency and Welfare with Complementarities and Asymmetric Information

[PDF] from mecon.gov.ar
GM Angeletos… - 2005 - nber.org
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 ...
Cited by 1 - Related articles - Library Search - BL Direct - All 10 versions

Information aggregation and equilibrium multiplicity: Morris-Shin meets Grossman-Stiglitz

[PDF] from berkeley.edu
GM Angeletos… - 2004 - papers.ssrn.com
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 ...
Cited by 1 - Related articles - All 5 versions

[CITATION] Volatility and Growth: Credit Constraints and Prodcutivity-Enhancing Investment

A Philippe, GM Angeletos, A Banerjee… - NBER Working Paper, 2005
Cited by 1 - Related articles

[CITATION] Policy in Economies with Dispersed Information

GM Angeletos… - 2007
Related articles

[CITATION] Harvard Institute of Economic Research

GM Angeletos… - 2005
Related articles

Defense policies against currency attacks: on the possibility of predictions in a global game with multiple equilibria PDF Logo

[PDF] from econstor.eu
GM Angeletos, C Hellwig… - econstor.eu
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 ...
Related articles - All 2 versions

the ASSA Meeting website at http://www. vanderbilt. edu/AEA/Annual_Meeting/. The 2008 North American Winter Meeting will feature the following Paired Invited …

Full text - MIT Libraries
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 ...

[PDF] Defense Policies Against Currency Attacks

[PDF] from ucla.edu
GM Angeletos, C Hellwig… - 2007 - econ.ucla.edu
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 ...
Related articles - View as HTML - All 2 versions

Coordination and policy traps PDF Logo

[PDF] from econstor.eu
GM Angeletos, C Hellwig… - econstor.eu
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 ...
Related articles - All 2 versions

DP2464 Rent Seeking/Corruption And Growth: A Simple Model

GM Angeletos… - 2000 - cepr.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. ...
Cached - All 3 versions

[CITATION] Preemptive Policies Against Currency Attacks

GM Angeletos
Related articles - All 2 versions

[PDF] Volatility and Growth: Financial Development and the Cyclical Composition of Investment

[PDF] from berkeley.edu
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 ...
Related articles - View as HTML - All 5 versions

[PDF] Policy with Dispersed Information on Aggregate Shocks

[PDF] from nber.org
GM Angeletos… - 2008 - nber.org
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 ...
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Essays in macroeconomics and experiments

[PDF] from mit.edu
GM Angeletos, O Shurchkov - 2008 - dspace.mit.edu
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 ...
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the ASSA Meeting website at http://www. vanderbilt. edu/AEA/Annual_Meeting/. The 2008 North American Winter Meeting will feature the following Paired Invited …

Full text - MIT Libraries
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 ...

[PDF] Volatility and Growth

[PDF] from yale.edu
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 ...
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Essays on international economics and labor markets

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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 ...
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On the Dynamics of Information, Coordination and Regime Change

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 ...
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Investors' horizon and stock prices

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GM Angeletos, G Lorenzoni, S Parsa - 2011 - dspace.mit.edu
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 ...
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Essays in macroeconomics and corporate finance

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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 ...
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Essays on informational frictions in macroeconomics and finance

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GM Angeletos, M Golosov… - 2010 - dspace.mit.edu
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 ...
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Financial Integration, Entrepreneurial Risk and Global Imbalances

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 ...
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Financial Integration, Entrepreneurial Risk and Global Imbalances

[PDF] from iadb.org
GM Angeletos… - 2011 - nber.org
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 ...
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Uninsured Idiosyncratic Investment Risk: Positive and Normative Implications

GM Angeletos - 2006 Meeting Papers, 2006 - ideas.repec.org
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 ...
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Volatility and growth: credit constraints and productivity-enhancing investment”, NBER WP11349

G Angeletos, A Banerjee… - 2005 - Citeseer
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 ...
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[CITATION] Now available online at ZZZ FHSU RUJ

GM Angeletos… - 2000
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Letter from the Editors of JEEA

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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. ...
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[PDF] Volatility and Growth: Credit Constraints and the Composition of Investment

[PDF] from uoregon.edu
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 ...
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Essays on entrepreneurship

[PDF] from 18.7.29.232
GM Angeletos, R Caballero, CA Taveras - 2010 - 18.7.29.232
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 ...
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Private sunspots and idiosyncratic investor sentiment

[PDF] from mit.edu
GM Angeletos - 2008 - nber.org
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 ...
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[PDF] Policy in a Global Coordination Game: Multiplicity vs Robust Predictions

[PDF] from csef.it
GM Angeletos, C Hellwig… - 2006 - csef.it
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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