摘要：In an economy where agents have diverse private information, public
information holds important consequences for the conduct of monetary
policy consequences that are not captured in standard models without
private information. In an otherwise standard macro model, public information
has a disproportionate eect on agents’ decisions, and thereby
has the potential to degrade the information value of economic outcomes.
In particular, in an economy with keen price competition, prices no longer
serve as a good signal of the output gap. Also, increased precision of public
information may give rise to more volatile economic outcomes. Since
disclosures by central banks are an important source of public information,
our results throw some light on the debate on central bank transparency.
