期刊名称：Discussion Papers in Economics / Department of Economics, Royal Holloway
出版年度：2004
卷号：2004
出版社：University of London
摘要：Recent models of monetary policy can have indeterminacy of equilibria, which
is often viewed as a di±culty of these models. We consider the signi¯cance of
indeterminacy using the learning approach to expectations formation. We employ
expectational stability as a selection criterion for di®erent equilibria and derive the
expectational stability and instability conditions for forward-looking multivariate
models, both without and with lags. The results are applied to several monetary
policies.
