Learning from Prices: Public Communication and Welfare
研究在微观基础的宏观经济模型中，发布关于生产率或货币冲击的公共信息如何影响福利，发现公共信息可能降低价格系统的信息效率，从而增加不确定性并减少福利。
We study the effect of releasing public information about productivity or monetary shocks using a micro-founded macroeconomic model in which agents learn from the distribution of nominal prices. While a public release has the direct beneficial effect of providing new information, it also has the indirect adverse effect of reducing the informational efficiency of the price system. We show that the negative indirect effect can dominate. Thus, the public information release may increase uncertainty about the monetary shock and reduce welfare. We find that the optimal communication policy is always to release either all or none of the information.