市场情报搜集、信息不对称和货币需求的不稳定性

IF 1.7 4区经济学 Q2 ECONOMICS

Economic Inquiry Pub Date : 2024-03-28 DOI:10.1111/ecin.13211

Seon Tae Kim, Alessandro Marchesiani

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引用次数: 0

摘要

直到 20 世纪 90 年代，美国的货币需求量与利率之间一直保持着稳定的负相关关系。此后，这种关系逐渐瓦解，再也没有恢复。我们的研究表明，中央银行收集信息的能力（即市场情报（MI））对产生向上倾斜的货币需求曲线至关重要。我们根据 1990 年至 2019 年期间的美国数据对模型进行了校准，结果表明市场情报有助于匹配货币需求。我们还表明，这对社会是有益的，因为它减轻了与信息不对称相关的低效率。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Market intelligence gathering, asymmetric information, and the instability of money demand

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Market intelligence gathering, asymmetric information, and the instability of money demand

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.

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来源期刊

Economic Inquiry ECONOMICS-

CiteScore

3.80

自引率

5.60%

发文量

期刊介绍： Published since 1962, (formerly Western Economic Journal), EI is widely regarded as one of the top scholarly journals in its field. Besides containing research on all economics topic areas, a principal objective is to make each article understandable to economists who are not necessarily specialists in the article topic area. Nine Nobel laureates are among EI long list of prestigious authors.