Monetary Policy and the Information Content of Prices
论证在理性预期和市场出清条件下，如果经济主体信息不对称且依赖共同价格，前瞻性货币政策可通过改变价格的信息含量影响实际经济活动。
Rational expectations and cleared markets lead to the proposition that feedback monetary policy is irrelevant to real activity, as in the analyses of Sargent and Wallace. However, if agents are differentially informed and have access to a common price, then prospective monetary policy actions--future feedback to imperfectly known current circumstances--can alter real activity by changing the information content of prices.