Business cycle fluctuations in Mirrlees economies: The case of i.i.d. shocks
研究了私人信息下独立同分布冲击的商业周期模型，发现对数偏好下私人信息与完全信息经济的聚合变量稳态行为完全相同，且该结果对更一般偏好近似成立。
I consider a real business cycle model in which agents have private information about the i.i.d. realizations of their value of leisure. For the case of logarithmic preferences I provide an analytical characterization of the solution to the associated mechanism design problem. Moreover, I show a striking irrelevance result: that the stationary behavior of all aggregate variables are exactly the same in the private information economy as in the full information case. Numerical simulations indicate that the irrelevance result approximately holds for more general preferences.