摘要：The issue of determinacy in macroeconomic models is a topic of an active liter- ature. While the topic may appear to be a mere technicality, it is quite relevant for economic policy analysis. For instance, models with multiple solutions open the possibility that the economy may move from one equilibrium to another, or be on a path that does not converge towards a stable allocation. A policy maker focusing on one of many solutions in a model would thus be hard pressed to make sense of economic activity. In addition, economic policies that are appropriate in one equilibrium could be inadequate in another. Selecting among alternative equilibria is then an important exercise.
