Exogenous Information, Endogenous Information, and Optimal Monetary Policy
研究企业决策者关注宏观信息的程度对最优货币政策的影响，发现当关注度可内生选择时，完全价格稳定政策在更多冲击下是最优的。
This article studies optimal monetary policy when decision-makers in firms choose how much attention they devote to aggregate conditions. When the amount of attention that decision-makers in firms devote to aggregate conditions is exogenous, complete price stabilization is optimal only in response to shocks that cause efficient fluctuations under perfect information. When decision-makers in firms choose how much attention they devote to aggregate conditions, complete price stabilization is optimal also in response to shocks that cause inefficient fluctuations under perfect information. Hence, recognizing that decision-makers in firms can choose how much attention they devote to aggregate conditions has major implications for optimal policy. Copyright 2014, Oxford University Press.