Keynesian Inefficiency and Optimal Policy: A New Monetarist Approach
构建了一个货币/劳动搜寻模型，研究凯恩斯主义不确定性及最优政策，发现泰勒规则既不能保证确定性也不能实现有效结果，而最优政策虽能实现有效且确定的资源配置，但均衡政策行动、工资和价格在最优状态下是不确定的。
A simple model of monetary/labor search is constructed to study Keynesian indeterminacy and optimal policy. In the model, economic agents have trouble splitting the surplus from exchange appropriately, and we consider monetary and fiscal policies that correct this Keynesian inefficiency. A Taylor rule neither implies determinacy, nor does it support an efficient outcome. An optimal policy yields an efficient and determinate allocation of resources, but equilibrium policy actions, wages, and prices are indeterminate at the optimum.