Binz, Ferracuti, and Joos (2023) examine whether better internal information systems can mitigate the association between inflation and investment. According to Real Business Cycle models, inflation should not impact real decisions like investment, yet empirically the two are positively related. Lucas (1972) theorizes that imperfect information can cause agents to rationally extrapolate from their local set of information to make conclusions about what is happening in aggregate. Motivated by this model, the authors argue that better internal information systems allow managers to disentangle firm-level real shocks from nominal shocks. My discussion evaluates the measurement of internal information quality and questions how distinct it is from external information quality. Next, I relate the findings to a growing literature that examines how individuals and firms form economic expectations. Finally, I consider whether and how these findings can inform policy.

Binz、Ferracuti 和 Joos（2023）研究了更好的内部信息系统是否可以减轻通货膨胀与投资之间的关联。根据实际经济周期模型，通货膨胀不应影响投资等实际决策，但从经验上看，两者呈正相关。Lucas (1972) 认为，不完美的信息会导致智能体根据本地信息集进行理性推断，从而对总体发生的情况做出结论。受该模型的启发，作者认为更好的内部信息系统使管理者能够将公司层面的实际冲击与名义冲击区分开来。我的讨论评估了内部信息质量的衡量，并质疑它与外部信息质量的区别。接下来，我将这些发现与越来越多的研究个人和企业如何形成经济预期的文献联系起来。最后，我考虑这些发现是否以及如何为政策提供信息。