不同交易机制下非预期货币冲击的短期效应

Russian Journal of Money and Finance Pub Date : 2018-09-01 DOI:10.31477/rjmf.201803.76

Luis Araujo, A. Shevchenko

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引用次数: 0

摘要

我们揭示了在受货币冲击影响的分散经济中，效率和信息传递之间存在权衡。如果目标是最大化信息传输，那么最优交易协议本质上是高效的。相反，如果目标是最大化效率，那么最优交易协议必然是无信息的。

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The Short-Run Effects of Unanticipated Monetary Shocks Under Distinct Trading Mechanisms

We unveil the existence of a trade-o ff between e ffi ciency and information transmission in a decentralized economy subject to a monetary shock. If the objective is to maximize information transmission, then the optimal trading protocol is inherently ine ffi cient. If, instead, the objective is to maximize e ffi ciency, then the optimal trading protocol is necessarily uninformative.

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来源期刊

Russian Journal of Money and Finance

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