近日，由北京大学市场经济研究中心研究员韩晗副教授与合作者的研究成果《The Effects of News When Liquidity Matters》在国际期刊《International Economic Review》2020年第4期正式发表。

　　Abstract: We analyze the impact of news (information shocks) in economies where liquidity matters, including those with endogenous credit limits, and those with assets serving as collateral or media of exchange. Although we also consider news about productivity and credit conditions, a leading case concerns monetary policy announcements. Real or monetary news has big effects on markets, potentially causing cyclic or boom–bust responses, even though we focus on the unique transition consistent with stationarity after shocks. In particular, policy announcements may induce instead of reduce volatility. We also discuss the implications for the inflation puzzle, forward‐guidance puzzle, and other apparent anomalies.