  We study dynamic signaling when the informed party does not observe the
signals generated by her actions. A long-run player signals her type
continuously over time to a myopic second player who privately monitors her
behavior; in turn, the myopic player transmits his private inferences back
through an imperfect public signal of his actions. Preferences are
linear-quadratic and the information structure is Gaussian. We construct linear
Markov equilibria using belief states up to the long-run player's
$\textit{second-order belief}$. Because of the private monitoring, this state
is an explicit function of the long-run player's past play. A novel separation
effect then emerges through this second-order belief channel, altering the
traditional signaling that arises when beliefs are public. Applications to
models of leadership, reputation, and trading are examined.
