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首页> 外文期刊>The Japanese Economic Review >The Lucas imperfect information model with imperfect common knowledge
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The Lucas imperfect information model with imperfect common knowledge

机译：具有不完善常识的卢卡斯不完善信息模型

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摘要

In the Lucas imperfect information model, output responds to unanticipated monetary shocks. We incorporate more general information structures into the Lucas model and demonstrate that output also responds to (dispersedly) anticipated monetary shocks if the information is imperfect common knowledge. Thus, the real effects of money consist of the unanticipated part and the anticipated part, and we decompose the latter into two effects, an imperfect common knowledge effect and a private information effect. We then consider an information structure composed of public and private signals. The real effects disappear when either signal reveals monetary shocks as common knowledge. However, when the precision of private information is fixed, the real effects are small not only when a public signal is very precise, but also when it is very imprecise. This implies that a more precise public signal can amplify the real effects and make the economy more volatile.
机译：在卢卡斯不完善的信息模型中，产出对意外的货币冲击做出反应。我们将更一般的信息结构纳入了Lucas模型，并证明了如果信息不完善的常识，产出也会对（分散地）预期的货币冲击做出反应。因此，货币的实际效应包括未预期的部分和预期的部分，我们将后者分解为两种效应，即不完善的常识效应和私人信息效应。然后，我们考虑由公共和私人信号组成的信息结构。当任何一个信号显示货币冲击作为常识时，实际影响就消失了。但是，当固定私人信息的精度时，不仅当公共信号非常精确时，而且在非常不精确时，实际效果也很小。这意味着更精确的公共信号可以放大实际影响，并使经济更加不稳定。

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