| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17229 |
| 来源ID | Working Paper 17229 |
| Cycles, Gaps, and the Social Value of Information | |
| George-Marios Angeletos; Luigi Iovino; Jennifer La'; O | |
| 发表日期 | 2011-07-15 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | What are the welfare effects of the information contained in macroeconomic statistics, central-bank communications, or news in the media? We address this question in a business-cycle framework that nests the neoclassical core of modern DSGE models. Earlier lessons that were based on "beauty contests" (Morris and Shin, 2002) are found to be inapplicable. Instead, the social value of information is shown to hinge on essentially the same conditions as the optimality of output stabilization policies. More precise information is unambiguously welfare-improving as long as the business cycle is driven primarily by technology and preference shocks--but can be detrimental when shocks to markups and wedges cause sufficient volatility in "output gaps." A numerical exploration suggests that the first scenario is more plausible. |
| 主题 | Microeconomics ; Game Theory ; Welfare and Collective Choice ; Economics of Information |
| URL | https://www.nber.org/papers/w17229 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574902 |
| 推荐引用方式 GB/T 7714 | George-Marios Angeletos,Luigi Iovino,Jennifer La',et al. Cycles, Gaps, and the Social Value of Information. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17229.pdf（611KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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