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 … and is not sufficient for a solution to be desirable. There is a related but distinct criterion of "learnability" that …

policy will then be chosen in Washington D.C., with no concern for smoothing Hong Kong output. Econometric causality tests of … U.S. money on Hong Kong output will then show evidence of causality. We test this empirically. Our empirical analysis …

policy will then be chosen in Washington D.C., with no concern for smoothing Hong Kong output. Econometric causality tests of … U.S. money on Hong Kong output will then show evidence of causality. We test this empirically. Our empirical analysis …

new theoretical results on restoring determinacy in New Keynesian models with positive trend inflation and combine these … self-fulfilling fluctuations in the 1970s, 2) the US economy moved from indeterminacy to determinacy during the Volcker … disinflation, and 3) the switch from indeterminacy to determinacy was due to the changes in the Fed’s response to macroeconomic …