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The Short-Run Effects of Unanticipated Monetary Shocks Under Distinct Trading Mechanisms
Краткосрочные эффекты непредвиденных монетарных шоков при определенных торговых механизмах
2018
Russian Journal of Money and Finance
Краткосрочные эффекты непредвиденных монетарных шоков при определенных торговых механизмах
Preserved Fulltext
We unveil the existence of a trade-off between efficiency 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 inefficient. If, instead, the objective is to maximize efficiency, then the optimal trading protocol is necessarily uninformative.
doi:10.31477/rjmf.201803.76
fatcat:jgnjzwcyhjg7zmpwhadjkggbni