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This paper contributes to the on-going debate on the welfare effect of central
bank communication in the beauty contest framework. We extend Morris and
Shin (2002) and Cornand and Heinemann (2008) by incorporating communication
between private agents and local private information bias. Under the assumption
that there exists local private information bias across groups of agents (there
is no private information bias at the aggregate level) and that agents exchange
private information locally within the group, this paper shows that a heighten-
ing of the degree of central bank transparency, in terms both of the precision
of public information and of publicity, always increases social welfare if private
communication is suffciently massive.

Contents
1 Introduction 1
2 Model 2
3 Welfare Implications 6
4 Conclusion 14