{"title":"The Short-Run Effects of Unanticipated Monetary Shocks Under Distinct Trading Mechanisms","authors":"Luis Araujo, A. Shevchenko","doi":"10.31477/rjmf.201803.76","DOIUrl":null,"url":null,"abstract":"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.","PeriodicalId":358692,"journal":{"name":"Russian Journal of Money and Finance","volume":"323 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Russian Journal of Money and Finance","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.31477/rjmf.201803.76","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
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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