; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Optimal Monetary Impulse-Response Functions in a Matching Model"; ; "batchuser@example.com"; "Wallace, Neil", "Kennan, John", "Katzman, Brett, 1966-"; "Federal Reserve Bank of Minneapolis"; "E40 - Money and Interest Rates: General", "E30 - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)", "D82 - Asymmetric and Private Information; Mechanism Design"; "The effects on ex ante optima of a lag in seeing monetary realizations are studied using a matching model of money. The main new ingredient in the model is meetings in which producers have more information than consumers. A consequence is that increases in the amount of money that occur with small enough probability can have negative impact effects on output, because it is optimal to shut down trade in such low probability meetings rather than have lower output when high probability realizations occur. The information lag also produces prices that do not respond much to current monetary realizations. "^^; "1999-09"; "2019-07-30T13:56:17.727738171+00:00"^^; "https://doi.org/10.21034/wp.595"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Oct 23 17:56:19 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "397", "390", "823"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "595"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; ; "Publication" . ; .