Central banking and the economics of information
Advances in the economic management of information
have worked pervasive change throughout the
world economy and its financial system. Change due
to the adoption of electronic computing and communications
has been highly visible. Another kind of advance,
in the design of organizations (including
financial institutions) to allow them to function well
in private-information environments, has been equally
significant. In this article, I examine how both
types of advance affect a key sector of the financial
system: central banking.