Labor Market Frictions, Indeterminacy, and Interest Rate Rules
研究在存在劳动力市场摩擦的新凯恩斯模型中，仅对通胀做出反应的货币政策可能导致自我实现预期驱动的经济波动，而关注平均通胀或产出缺口的政策可确保确定性。
This paper studies the emergence of indeterminate equilibria in a standard New Keynesian model characterized by labor market frictions, under a policy rule that reacts strictly to inflation. Given labor market frictions, monetary policy may not be able to prevent aggregate fluctuations from being driven solely by self-fulfilling expectations. This is not, though, a result that holds under all circumstances: a monetary policy that reacts to some average measures of inflation or to the output gap may guarantee determinacy in the economy.