Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong

Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.

Remarks at The Economic Club of New York, New York City.

Remarks hosted by the Institute of Regulation & Risk North Asia, Tokyo, Japan.

This paper examines the performance of forecast-based nonlinear Taylor rules in a class of simple microfunded models. The paper shows that even if the policy rule leads to a locally determinate (and stable) inflation target, there exist other learnable "global" equilibria such as cycles and...