Optimal Monetary Policy when Information is Market-Generated
研究了当企业通过观察自身需求来获取信息时，最优货币政策应如何调整，发现应对通缩冲击时政策应逆周期并放大价格波动，与信息外生时的结论相反。
Abstract The nature of the private sector’s information changes the optimal conduct of monetary policy. When firms observe their individual demand and use it as a signal of real shocks, the optimal policy consists in maximising the information content of that signal. When real shocks are deflationary (like labour supply shocks), the optimal policy is countercyclical and magnifies price movements, which contrasts with the exogenous information case, where optimal monetary policy is procyclical and stabilises prices. When the central bank communicates its information to the public, this policy is still optimal if firms pay limited attention to central bank announcements.