Information Dynamics and Macro Fluctuations
研究了关于企业生产率和贷款抵押品质量的信息产生量如何随时间变化，这些信息动态决定了信贷、产出和生产率的变化，并反馈影响信息生产的激励，揭示了信贷繁荣和金融危机的内生机制。
The amount of information produced about firms’ productivities and about the quality of collateral backing their loans varies over time. These information dynamics determine the evolution of credit, output and productivity, which feeds back into incentives to produce information. We characterize this intricate dynamic relation. A credit boom happens when information about collateral depreciates. A financial crisis happens when information about collateral is suddenly generated. Information about firms’ individual productivities over credit booms can prevent or tame the crisis, acting as an endogenous macroprudential force.