Beyer, Andreas; Farmer, Roger E. A. - 2004
identiÞed. For any given exactly identiffed model, we provide an algorithm that generates a class of equivalent models that have … the standard new-Keynesian model. This result is disturbing since equi- libria in the Benhabib-Farmer model are typically … indeterminate for a class of policy rules that generate determinate outcomes in the new-Keynesian model. In example 4, we show that …