Title：The Return of Greenspan: Mumbling with Great Incoherence

　　Schedule: June 8, Wed 1:30-3 PM

　　Location: 腾讯会议 891 954 988

　　Abstract：Conventional wisdom regards a reduced aggregate noise as welfare improving. This study demonstrates that increased transparency regarding the unobserved state of the economy may reduce social welfare owing to the presence of nominal rigidity. On the one hand, costly business cycle fluctuations and price dispersions arising from nominal rigidity are muted in a noisy economy. On the other hand, an economy with less transparency suffers from efficiency losses due to inefficient coordination in pricing decisions. Monetary policy affects the tradeoff, and thus interacts with communication policy. We characterize the conditions under which more transparency reduces social welfare.

　　Introduction：欧声亮, 上海财经大学助理教授，庞培法布拉大学博士，研究领域为宏观经济学，货币经济学。已有文章发表在 J ournal of Monetary Economics 。个人信息详见https://iar.sufe.edu.cn/ef/84/c8576a126852/page.htm