“Information frictions in macroeconomics: The legacy of Robert E. Lucas, Jr.”

IF 4.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of Monetary Economics Pub Date : 2025-11-01 Epub Date: 2025-09-23 DOI:10.1016/j.jmoneco.2025.103842

Robert M. Townsend

引用次数: 0

Abstract

This essay honors the contributions of Robert E. Lucas, Jr., to the most important macro problems where informational frictions are relevant today. The first step focuses on two of Lucas’ papers where information frictions play somewhat different roles, zeroing in on the key elements: money, islands, and imperfect information. Each paper is then linked to associated branches of the literature. The second step argues that new technologies have now emerged which make those key elements all the more crucial in the macroeconomics of today. Monetary policy considerations were forefront in Lucas’ mind, and so that is a recurrent theme throughout this essay.

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宏观经济学中的信息摩擦：小罗伯特·e·卢卡斯的遗产

本文旨在表彰小罗伯特·e·卢卡斯（Robert E. Lucas, Jr.）对当今与信息摩擦相关的最重要宏观问题的贡献。第一步关注Lucas的两篇论文，在这两篇论文中，信息摩擦扮演了不同的角色，并将注意力集中在关键因素上：金钱、孤岛和不完全信息。然后将每篇论文链接到相关的文献分支。第二步认为，现在出现的新技术使这些关键因素在今天的宏观经济学中更加重要。货币政策的考虑在卢卡斯的脑海中是最重要的，所以这是贯穿这篇文章的一个反复出现的主题。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Monetary Economics Multiple-

CiteScore

7.20

自引率

4.90%

发文量

审稿时长

74 days

期刊介绍： The profession has witnessed over the past twenty years a remarkable expansion of research activities bearing on problems in the broader field of monetary economics. The strong interest in monetary analysis has been increasingly matched in recent years by the growing attention to the working and structure of financial institutions. The role of various institutional arrangements, the consequences of specific changes in banking structure and the welfare aspects of structural policies have attracted an increasing interest in the profession. There has also been a growing attention to the operation of credit markets and to various aspects in the behavior of rates of return on assets. The Journal of Monetary Economics provides a specialized forum for the publication of this research.