Information Aggregation and Policy
研究货币政策如何改变货币价格信号的信息内容，在一个交易者能观察经济范围金融信号和本地商品价格的模型中，发现被动政策下货币需求扰动与真实生产率冲击混淆，而前瞻性货币增长反馈规则可改善信息结构。
The function of monetary policy to alter the informational content of money price signals is examined in a model where traders can observe an economy wide financial signal and a local commodity price. Under a passive policy, money demand disturbances, which are not directly observable, are shown to be confused with real productivity shocks and thereby preclude prices from fully reflecting all information. Even when the policy authority has no informational advantage, prospective money growth feedback rules can "improve" the structure of available information.