Defining the rules for monetary policy has been the subject of an extensive literature in monetary economics since the 1968 AMA presidential address by Milton Friedman. Starting from the contribution by Barro and Gordon (1983) the prevalent approach has hinged on optimal control techniques to...

This paper investigates evolutionary adaptation in a coordination game with strategic uncertainty. This game is characterized by the multiplicity of Nash equilibria that can be ranked according to the payoff that players obtain. Two different equilibrium refinement concepts predict the selection...