Generalizing the Taylor Principle: Reply
回应了Farmer等人（2009）对新凯恩斯模型存在多重解的发现，指出其模型与Davig和Leeper（2007）的条件不同，且其解依赖外生驱动过程与参数的关系，削弱了经济解释力。
Farmer, Waggoner, and Zha (2009) (FWZ) show that a new Keynesian model with regime-switching monetary policy can support multiple solutions, appearing to contradict findings in Davig and Leeper (2007) (DL). The explanation is straightforward: FWZ derive solutions using a model that differs from the one to which the DL conditions apply. The FWZ solutions also require that the exogenous driving process is a function of private and policy parameters. This undermines the sharp distinctions among “deep parameters” typical of optimizing models and makes it difficult to ascribe economic interpretations to FWZ's additional solutions. (E12, E31, E43, E52)