Christian Hellwig
Encyclopedia
Christian Hellwig is a German economic theorist and macroeconomist who did research in the field of global games. He is the editor of the Journal of Economic Theory
.
in Economics at the University of Lausanne
in 1998, a M.Sc. in Econometrics
and Mathematical Economics
by the London School of Economics
(LSE) in 1999, and a Ph.D.
in Economics at LSE in 2002. He spent the last two years of his doctorate as a visiting scholar at MIT. He became an Assistant Professor at UCLA in 2002 and became a tenured associate professor in 2007. Hellwig took up the position of Associate Professor at Toulouse School of Economics in 2010 where he is currently employed.
In addition to his academic position, Hellwig is a Research Affiliate at the Centre for Economic Policy Research
since 2007 and became the editor of the Journal of Economic Theory in June 2008. He is a member of the Board of Editors of the American Economic Review
since April 2007.
and endogenous
public information in global coordination game
s and showed that multiplicity of equilibria is restored under fairly general conditions.
Global coordination games belong to a subfield of game theory
which started with the article by Morris and Shin (1998). Steven Morris
and Hyun Song Shin
considered a stylized currency crises model, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result is in stark contrast with models of complete information
, which feature multiple equilibria. However, there are potential problems with this result due to the lack of a theory of prices in global coordination games (Atkeson, 2001).
Hellwig studied the effects of exogenous public information in global coordination games and showed that this may restore multiplicity under fairly general conditions (Hellwig, 2002). Hellwig et al.(2006) address the concern by Atkeson (2001) by considering a more explicit market structure and model the public information endogenously as an interest rate signal. They show that equilibrium multiplicity may be restored by the endogenous public signal, provided that private information is sufficiently precise, which coincides with the findings by Angeletos and Werning (2006).
2000, ed. Ben S. Bernanke and Kenneth Rogoff
, 162–71. Cambridge, MA: MIT Press
.
Journal of Economic Theory
The Journal of Economic Theory, often referred to as JET, is an important scholarly journal in the field of economics. Although the journal was originally intended as a specialty journal in mathematical economics, JET is now generally regarded as the leading journal in economic theory and one of...
.
Biography
Hellwig obtained a B.A.Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in Economics at the University of Lausanne
University of Lausanne
The University of Lausanne in Lausanne, Switzerland was founded in 1537 as a school of theology, before being made a university in 1890. Today about 12,000 students and 2200 researchers study and work at the university...
in 1998, a M.Sc. in Econometrics
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
and Mathematical Economics
Mathematical economics
Mathematical economics is the application of mathematical methods to represent economic theories and analyze problems posed in economics. It allows formulation and derivation of key relationships in a theory with clarity, generality, rigor, and simplicity...
by the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
(LSE) in 1999, and a Ph.D.
Ph.D.
A Ph.D. is a Doctor of Philosophy, an academic degree.Ph.D. may also refer to:* Ph.D. , a 1980s British group*Piled Higher and Deeper, a web comic strip*PhD: Phantasy Degree, a Korean comic series* PhD Docbook renderer, an XML renderer...
in Economics at LSE in 2002. He spent the last two years of his doctorate as a visiting scholar at MIT. He became an Assistant Professor at UCLA in 2002 and became a tenured associate professor in 2007. Hellwig took up the position of Associate Professor at Toulouse School of Economics in 2010 where he is currently employed.
In addition to his academic position, Hellwig is a Research Affiliate at the Centre for Economic Policy Research
Centre for Economic Policy Research
The Centre for Economic Policy Research , a registered charity founded in 1983 by Richard Portes , FBA, CBE, is a network of over 700 researchers based mainly in universities throughout Europe, who collaborate through the centre in research and its dissemination...
since 2007 and became the editor of the Journal of Economic Theory in June 2008. He is a member of the Board of Editors of the American Economic Review
American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
since April 2007.
Research contribution
Hellwig studied the effects of exogenousExogenous
Exogenous refers to an action or object coming from outside a system. It is the opposite of endogenous, something generated from within the system....
and endogenous
Endogenous
Endogenous substances are those that originate from within an organism, tissue, or cell. Endogenous retroviruses are caused by ancient infections of germ cells in humans, mammals and other vertebrates...
public information in global coordination game
Coordination game
In game theory, coordination games are a class of games with multiple pure strategy Nash equilibria in which players choose the same or corresponding strategies...
s and showed that multiplicity of equilibria is restored under fairly general conditions.
Global coordination games belong to a subfield of game theory
Game theory
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others...
which started with the article by Morris and Shin (1998). Steven Morris
Stephen Morris (game theorist)
Stephen Morris is an economic theorist and game theorist especially known for his research in the field of global games. In 2007 he became the Alexander Stewart 1886 Professor of Economics at Princeton University. He is the editor of Econometrica for the period 2007-2011.- Biography :Morris...
and Hyun Song Shin
Hyun Song Shin
Hyun-Song Shin is a South Korean economic theorist and financial economist who did research in the field of global games. In 2006 he became the Hughes-Rogers Professor of Economics at Princeton University...
considered a stylized currency crises model, in which traders observe the relevant fundamentals with small noise, and show that this leads to the selection of a unique equilibrium. This result is in stark contrast with models of complete information
Complete information
Complete information is a term used in economics and game theory to describe an economic situation or game in which knowledge about other market participants or players is available to all participants. Every player knows the payoffs and strategies available to other players.Complete information...
, which feature multiple equilibria. However, there are potential problems with this result due to the lack of a theory of prices in global coordination games (Atkeson, 2001).
Hellwig studied the effects of exogenous public information in global coordination games and showed that this may restore multiplicity under fairly general conditions (Hellwig, 2002). Hellwig et al.(2006) address the concern by Atkeson (2001) by considering a more explicit market structure and model the public information endogenously as an interest rate signal. They show that equilibrium multiplicity may be restored by the endogenous public signal, provided that private information is sufficiently precise, which coincides with the findings by Angeletos and Werning (2006).
Sources
- George-Marios AngeletosGeorge-Marios AngeletosGeorge-Marios Angeletos is a Greek economist who is currently a Professor of Economics at MIT.Angeletos was born in Athens, Greece. He earned his B.A. degree in Economics from Athens University of Economics and Business in 1996, and received his M.Sc. in Economics in 1997 from the same university...
, Christian Hellwig, and Alessandro Pavan (2006), "Signaling in a Global Game: Coordination and Policy Traps," Journal of Political EconomyJournal of Political EconomyThe Journal of Political Economy is an academic journal run by economists at the University of Chicago and published every two months by the University of Chicago Press. The journal publishes articles in both theoretical economics and empirical economics...
, 114 (3), 452-484. - George-Marios Angeletos, Christian Hellwig, and Alessandro Pavan (2007), "Dynamic Global Games of Regime Change: Learning, Multiplicity and Timing of Attacks," EconometricaEconometricaEconometrica is a peer-reviewed academic journal of economics, publishing articles not only in econometrics but in many areas of economics. It is published by the Econometric Society and distributed by Wiley-Blackwell. Econometrica is one of the most highly ranked economics journals in the world...
, 75 (3): 711-756. - George-Marios Angeletos and Ivan Werning (2006), "Crises and Prices: Information Aggregation, Multiplicity, and Volatility," American Economic Review, 96 (5): 1720–36.
- Andrew G. Atkeson, (2001), "Rethinking Multiple Equilibria in Macroeconomic Modeling: Comment." In NBER Macroeconomics Annual
2000, ed. Ben S. Bernanke and Kenneth Rogoff
Kenneth Rogoff
Kenneth Saul "Ken" Rogoff is currently the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University. He is also a chess Grandmaster.-Early life:...
, 162–71. Cambridge, MA: MIT Press
MIT Press
The MIT Press is a university press affiliated with the Massachusetts Institute of Technology in Cambridge, Massachusetts .-History:...
.
- Christian Hellwig (2002), "Public Information, Private Information, and the Multiplicity of Equilibria in Coordination Games," Journal of Economic Theory, 107 (2): 191-222.
- Christian Hellwig, Arijit Mukherji and Aleh Tsyvinski (2006), "Self-Fulfilling Currency Crises: The Role of Interest Rates," American Economic Review, 96 (5): 1769-1787.
- Stephen Morris and Hyun Song Shin (1998), "Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks," American Economic Review, 88 (3): 587–97.