Information, Liquidity, Asset Prices, and Monetary Policy
研究资产的可识别性如何决定其交易中的流动性，分析信息投资内生化流动性，并探讨货币政策对资产价格、配置和福利的影响，对理解汇率和美元化等国际问题也有启示。
What determines which assets are used in transactions? We develop a framework where the extent to which assets are recognizable determines the extent to which they are acceptable in exchange—<it>i.e.</it> it determines their liquidity. Recognizability and liquidity are endogenized by allowing agents to invest in information. We analyse the effects of monetary policy. There can be multiple equilibria, with different transaction patterns, and these patterns are not invariant to policy. We show that small changes in information may generate large responses in asset prices, allocations, and welfare. We also discuss some issues in international economics, including exchange rates and dollarization.