THE EFFECTS OF NEWS WHEN LIQUIDITY MATTERS
分析了在流动性重要的经济体中，新闻（信息冲击）如何影响市场，可能导致周期性或繁荣-萧条反应，并讨论了政策公告可能加剧而非减少波动的现象。
Abstract We analyze the impact of news (information shocks) in economies where liquidity matters, including those with endogenous credit limits, and those with assets serving as collateral or media of exchange. Although we also consider news about productivity and credit conditions, a leading case concerns monetary policy announcements. Real or monetary news has big effects on markets, potentially causing cyclic or boom–bust responses, even though we focus on the unique transition consistent with stationarity after shocks. In particular, policy announcements may induce instead of reduce volatility. We also discuss the implications for the inflation puzzle, forward‐guidance puzzle, and other apparent anomalies.