We evaluate Taylor-type monetary policy rules from the perspective of which classes of rules most reliably induce determinacy and learnability of a rational expectations equilibrium. The context is a simple, forward-looking model of the macroeconomy widely used in the rapidly expanding...

We study macroeconomic systems with forward-looking private sector agents and a monetary authority that is trying to control the economy through the use of a linear policy feedback rule. A typical finding in the burgeoning literature in this area is that policymakers should be relatively...