Historically, the literature on money management has inconsistently applied the rational expectations equilibrium concept. We explain why and summarize developments in the money management literature that do apply this concept correctly. We demonstrate that the rational expectations equilibrium approximates the observed equilibrium in the money management space at least as well as it does in the stock market. Recent work reveals that there is little support for the common conclusion that, as a group, investors in the money management space are naive and that mutual fund managers are charlatans. Even today, equilibrium thinking is not nearly as prevalent in mutual fund research as it is in the rest of asset pricing. This state of play provides a multitude of opportunities for future research in the area.

中文翻译：

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平衡中的共同基金

从历史上看，关于货币管理的文献一直不一致地应用理性预期均衡概念。我们解释了原因并总结了确实正确应用此概念的资金管理文献中的发展。我们证明，理性预期均衡至少和在股票市场中一样，在货币管理空间中近似于观察到的均衡。最近的工作表明，对于一个普遍的结论，即作为一个整体，货币管理领域的投资者天真，而共同基金经理是骗子，这一结论几乎没有支持。即使在今天，均衡思维在共同基金研究中也没有像其他资产定价那样普遍。这种状况为该地区的未来研究提供了许多机会。