Real Rigidity, Nominal Rigidity, and the Social Value of Information

• 成果类型: Article
• 署名作者: Angeletos, George-Marios; Iovino, Luigi; La'O, Jennifer
• 署名单位: Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Bocconi University; Bocconi University; Columbia University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20110865
• 发表日期: 2016
• 页码: 200-227
• 关键词: actually pro-transparency; public information; sticky prices; shin 2002; morris; POLICY

摘要

Does welfare improve when firms are better informed about the state of the economy and can thus better coordinate their production and pricing decisions? We address this question in an elementary business-cycle model that highlights how the dispersion of information can impede both kinds of decisions and, in this sense, be the source of both real and nominal rigidity. Within this context we develop a taxonomy for how the social value of information depends on the two rigidities, on the sources of the business cycle, and on the conduct of monetary policy.