Monetary Stabilization and the Informational Value of Monetary Aggregates
构建随机模型，发现货币名义值信息足以消除价格预测误差离散度，但若货币总量信息滞后，准备金要求可减少高能货币需求扰动，从而稳定价格。
A simple stochastic model is developed which demonstrates that information on the nominal value of money conveys sufficient information about the disturbance to currency and deposit demand so that monetary prices, such as adjusting the level of bank reserves, have no impact on the dispersion of price level forecast errors. However, if information on monetary aggregates is obtained only with a lag, then reserve requirements can reduce the disturbances to the demand for high-powered money and hence prices. Such a reserve ratio depends critically on the variance-covariance matrix of shocks to the monetary demands.