We serve the public by pursuing a growing economy and stable financial system that work for all of us.
We examine economic issues that deeply affect our communities.
We conduct world-class research to inform and inspire policymakers and the public.
We provide the banking community with timely information and useful guidance.
We strive to advance policy that promotes economic well-being.
Staff Report 53 |
Published June 1, 1980
In a simple, coherent, general equilibrium model it is demonstrated why stock market prices do not reflect costly but socially useless information.