Foreign exchange: macro puzzles, micro tools
回顾了将信息理论工具应用于长期汇率谜题的最新进展，区分了传统公共信息方法与新兴分散信息方法，并展示了后者在解释汇率决定谜题和过度波动谜题上的实证成果。
This paper reviews recent progress in applying information-theoretic tools to long-standing exchange rate puzzles. I begin by distinguishing the traditional public information approach (e.g., monetary models, including new open economy models) from the newer dispersed information approach. (The latter focuses on how information is aggregated in the trading process.) I then review empirical results from the dispersed information approach and relate them to two key puzzles, the determination puzzle and the excess volatility puzzle. The dispersed information approach has made progress on both.