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Money and Information

机译：金钱与信息

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This paper investigates the role of money in markets in which producers have private information about the quality of the goods they supply.When the fraction of high-quality producers in the economy is given,money promotes the production of high-quality goods,which improves the quality mix and welfare unambiguously.When this fraction is endogenous,however,we find that money can decrease welfare relative to the barter equilibrium.The origin of this inefficiency is that money provides consumption insurance to low-quality producers,which can result in a higher fraction of low-quality producers in the monetary equilibrium.Finally,we find that most often agents acquire more costly information in the monetary equilibrium than in the barter equilibrium.Consequently,money is welfare-enhancing because it promotes useful production and exchange,but not because it saves information costs.The recognition that information is imperfect,that obtaining information can be costly,that there are important asymmetries of information,and that the extent of information asymmetries is affected by actions of firms and individuals ...has provided explanations of economic and social phenomena that otherwise would be hard to understand.Joseph Stiglitz (2000).
机译：本文研究了货币在市场中的作用，在这些市场中，生产者拥有有关其所提供商品质量的私人信息。当给出了经济中高质量生产者的比例时，金钱促进了高质量商品的生产，从而提高了当这部分是内生的时，我们发现货币相对于易货贸易平衡会降低福利。这种低效率的根源是货币为低质量的生产者提供了消费保险。最后，我们发现代理商通常在货币均衡中比在易货均衡中获取更多昂贵的信息。因此，货币是福利增强的，因为它促进有用的生产和交换，但是不是因为这样可以节省信息成本。认识到信息不完善，信息获取成本高昂，存在重要意义。信息不对称，以及信息不对称的程度受公司和个人行为的影响...提供了对经济和社会现象的解释，否则将难以理解。JosephStiglitz（2000）。

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