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The Social Value of Information: A Test of a Beauty and Non-Beauty Contest

Lustenberger, Thomas and Rossi, Enzo. (2018) The Social Value of Information: A Test of a Beauty and Non-Beauty Contest. WWZ Working Papers, 2018 (05).

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Official URL: https://edoc.unibas.ch/61497/

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Abstract

We develop and apply a procedure to test the welfare implications of a beauty and non-beauty contest based on survey forecasts of interest rates and yields in a large country sample over an extended period of time. In most countries, interest rate forecasts are unbiased and consistent with both models, but are rarely supported by yield forecasts. In half of the countries, a higher precision of public information regarding interest rates increases welfare. During forward guidance, public information is less precise than private information.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften
12 Special Collections > WWZ Publications > WWZ Discussion Papers and Working Papers
UniBasel Contributors:Lustenberger, Thomas Beat Markus
Item Type:Working Paper
Publisher:WWZ, University of Basel
Number of Pages:64
Note:Publication type according to Uni Basel Research Database: Discussion paper / Internet publication
Language:English
Identification Number:
  • handle: RePEc:bsl:wpaper:2018/05
Last Modified:08 Mar 2018 11:17
Deposited On:08 Mar 2018 11:17

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