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| This paper analyses in a simple global games framework welfare effects stemming from different communication strategies of public agencies if strategies of agents are complementary to each other: communication can either be fully transparent or the agency opaquely publishes only its overall assessment of the economy or it keeps information completely secret. It is shown that private agents put more weight to their private information in the transparent case than in case of opacity. Thus in many cases the appropriate measure against overreliance on public information is giving more details to the public instead of denying access to public information. -- transparency ; private information ; common knowledge |
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