Determinacy, learnability, and plausibility in monetary policy analysis: additional results

It is almost superfluous to begin by emphasizing that recent research in monetary policy analysis has featured a great deal of work concerning conditions for determinacy—that is, existence of a unique dynamically stable rational expectations equilibrium— under various specifications of policy behavi...

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Autor principal: McCallum, Bennett T.
Formato: Artículo
Lenguaje:eng
Publicado: Banco Central de Chile 2019
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Acceso en línea:https://hdl.handle.net/20.500.12580/3751
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Sumario:It is almost superfluous to begin by emphasizing that recent research in monetary policy analysis has featured a great deal of work concerning conditions for determinacy—that is, existence of a unique dynamically stable rational expectations equilibrium— under various specifications of policy behavior.1 Indeed, there are a number of papers in which determinacy is the only criterion for a desirable monetary policy regime that is explicitly mentioned.