Real Rigidity, Nominal Rigidity, and the Social Value of Information
在一个基础商业周期模型中，研究企业信息改善能否提升福利，分析信息分散如何导致实际和名义刚性，并分类讨论信息社会价值如何取决于两种刚性、商业周期来源和货币政策操作。
Does welfare improve when firms are better informed about the state of the economy and can thus better coordinate their production and pricing decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of information can impede both kinds of decisions and, in this sense, be the source of both real and nominal rigidity. Within this context we develop a taxonomy for how the social value of information depends on the two rigidities, on the sources of the business cycle, and on the conduct of monetary policy.