市场情报搜集、信息不对称和货币需求的不稳定性

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY Accounts of Chemical Research 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。

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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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.