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Determinacy, Learnability, and Plausibility in Monetary Policy Analysis: Additional Results

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journal contribution
posted on 01.07.2006, 00:00 by Bennett T. McCallum
It is almost unnecessary to begin by emphasizing that recent research in monetary policy analysis has featured a great deal of work concerning conditions for determinacy—i.e., existence of a unique dynamically stable rational expectations equilibrium—under various specifications of policy behavior. Indeed, there are a number of papers in which determinacy is the only criterion for a desirable monetary policy regime that is explicitly mentioned.