Communication and Monetary Policy
探讨了公共信息在货币政策中的双重作用：既传递基本面信息，又作为协调焦点。研究发现，更精确的公共信息可能过度引导行动偏离基本面。
Recent trends toward greater central bank independence and the adoption of formal inflation targeting by several countries have served to emphasise the importance of communication policy. In this paper, we explore some of the economic effects of public information that arise whenever public information serves the dual role of conveying fundamental information as well as serving as a focal point for better coordination. More precise public information is a double-edged tool. While it is very effective in influencing actions through coordination, sometimes it can be too effective, and coordinate actions away from fundamentals.