Inflation targeting, output stabilization, and real indeterminacy in monetary models with an interest rate rule
研究了央行在设定利率以稳定通胀和产出时，对产出波动的反应可能引发实际不确定性，即使泰勒原理成立。发现确定性条件取决于产出的利率弹性，泰勒原理既非必要也非充分。
Abstract Central banks set the nominal interest rate to target inflation and stabilize output. In monetary models, monetary policy affects output directly via the wealth effect. I show that in these models, the response of the central bank to fluctuations in output may induce real indeterminacy even if the Taylor principle is satisfied. I find that the determinacy conditions depend on the interest elasticity of output and generally, the Taylor principle is neither necessary nor sufficient for determinacy. This is in stark contrast with the New Keynesian model where a sufficiently strong policy response to inflation or output usually ensures determinacy.