Date of Original Version



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.