Optimal Monetary Policy with Informational Frictions
研究了企业拥有分散私人信息或理性疏忽时，最优货币政策应放弃价格稳定，转而追求价格水平与经济活动的负相关，以提升生产效率。
We study optimal policy in a business-cycle setting in which firms hold dispersed private information about, or are rationally inattentive to, the state of the economy. The informational friction is the source of both nominal and real rigidity. Because of the latter, the optimal monetary policy does not target price stability. Instead, it targets a negative relation between the nominal price level and real economic activity. Such leaning against the wind helps maximize production efficiency. An additional contribution is the adaptation of the primal approach of the Ramsey literature to a flexible form of informational friction.