Multiple Policymakers and the Social Value of Public Information

Number: 
670
Published: 
Classification JEL: 
D82, D83, E52, E61, E62
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

In most economies, macroeconomic policy is conducted by two or more independent authorities. In general, each policymaker has a different piece of information about the state of the economy, and this information is different from the one held by the priva