Determinacy without the Taylor Principle
研究发现，社会记忆和跨期协调中的微小摩擦可以消除货币政策中的多重均衡问题，使唯一均衡与泰勒原理所选一致，但不再依赖该原理。
Our understanding of monetary policy is complicated by an indeterminacy problem: the same path for the nominal interest rate is consistent with multiple equilibrium paths for inflation and output. We offer a potential resolution by showing that small frictions in social memory and intertemporal coordination can remove this indeterminacy. Under our perturbations, the unique equilibrium is the same as that selected by the Taylor principle, but it no more relies on it; monetary policy is left to play only a stabilization role; and fiscal policy needs to be Ricardian even when monetary policy is passive.