Determinacy, Learnability, and Monetary Policy Inertia
展示货币政策惯性如何缓解常见政策规则导致的均衡不确定性和不存在问题，并促进均衡的可学习性，为央行政策惯性提供理论解释。
We show how monetary policy inertia can help alleviate problems of indeterminacy and non‐existence of stationary equilibrium observed for some commonly studied monetary policy rules. We also find that inertia promotes learnability of equilibrium. The context is a simple, forward‐looking model of the macroeconomy widely used in the rapidly expanding literature in this area. We conclude that this might be an important reason why central banks in the industrialized economies display considerable inertia when adjusting monetary policy in response to changing economic conditions.