Market intelligence gathering, asymmetric information, and the instability of money demand
研究发现，美联储的市场情报收集能力会导致货币需求曲线向上倾斜，解释了1990年后美国货币需求与利率关系的不稳定，并指出这对社会有益，因为它减轻了信息不对称带来的低效率。
Abstract The observed money demand in the U.S. had a stable negative relation with the interest rate up until the 1990s. After this period, this relation fell apart and has never been restored. We show that the central bank's ability to gather information, referred to as market intelligence (MI), matters to generate an upward‐sloping money demand curve. We calibrate the model to the U.S. data for the period from 1990 to 2019 and show that MI helps to match the money demand. We also show that it is beneficial for the society, since it mitigates the inefficiency associated with asymmetric information.