McCallum, Bennett T. - Institute for Monetary and Economic Studies, Bank of Japan - 2009
conditions. For these and other reasons, the role of determinacy in monetary policy analysis should be reconsidered and …It is well known that the concept of "determinacy"-a single stable solution-plays a major role in contemporary monetary … policy analysis. But while determinacy is desirable, other things equal, it is not necessary for a solution to be plausible …