Focus of monetary policy research often misplaced
The focus on determinacy in recent monetary policy research is misplaced, Bennett McCallum, an economics professor at Carnegie Mellon University, argues.
In a research paper for the Central Bank of Chile, McCallum posits that rather then solely focusing on determinacy - the existence of a unique dynamically stable rational expectations equilibrium - research should acknowledge the importance of learnability - the learning about the exact nature of an economy from data generated by that economy
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