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Information Dynamics and Macro Fluctuations
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DOI：10.1257/mac.20210101.png)
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The amount of information produced about firms' productivities and about the quality of collateral backing their loans varies over time. These information dynamics determine the evolution of credit, out-put and productivity, which feeds back into incentives to produce information. We characterize this intricate dynamic relation. A credit boom happens when information about collateral depreciates. A financial crisis happens when information about collateral is sud-denly generated. Information about firms' individual productivities over credit booms can prevent or tame the crisis, acting as an endog-enous macroprudential force. (JEL D24, D83, E32, E44, G01, G32)
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MARKETS
GROWTH
BANKS
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5.7
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