Wicksellian Rules and the Taylor Principle: Some Practical Implications*
在标准新凯恩斯模型中推导并比较了价格水平目标规则（威克塞尔规则）和泰勒规则的确定性区域，发现威克塞尔规则不需要泰勒原理即可实现确定性，并讨论了其对政策估计的启示。
Abstract In this paper, we derive and compare the determinacy regions of price‐level targeting rules (Wicksellian rules) and Taylor rules in a standard New Keynesian model. We conclude that Wicksellian rules do not require the Taylor principle to hold in order to induce determinacy. Our results have two implications. First, in a univariate setting, the estimation of simple Taylor rules when the true rule is Wicksellian can lead to the erroneous conclusion that the equilibrium is indeterminate. Second, indeterminacy is ruled out when using system‐based methods, but it can be concluded that the central bank is less averse to inflation movements than it actually is.