Date of Original Version

2-2008

Type

Working Paper

Rights Management

All Rights Reserved

Abstract or Description

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.