Monetary Policy and Multiple Equilibria
研究利率反馈规则如何导致多重均衡，发现均衡数量取决于货币财政体制以及货币进入偏好和技术的方式，并举例说明积极货币政策可能引发多重均衡而消极货币政策反而使均衡唯一。
This paper characterizes conditions under which interest-rate feedback rules that set the nominal interest rate as an increasing function of the inflation rate induce aggregate instability by generating multiple equilibria. It shows that these conditions depend not only on the monetary-fiscal regime (as emphasized in the fiscal theory of the price level) but also on the way in which money is assumed to enter preferences and technology. It provides a number of examples in which, contrary to what is commonly believed, active monetary policy gives rise to multiple equilibria and passive monetary policy renders the equilibrium unique.