Browsing Arbeidsnotater / Working Papers by Subject "VDP::Samfunnsvitenskap: 200::Økonomi: 210"
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The Taylor Principle in a Medium-Scale Macroeconomic Model
(Working Papers;9/2010, Working paper, 2010)The Taylor Principle is often used to explain macroeconomic stability (see, e.g., Clarida et al. 2000). The reason is that this simple principle guarantees determinacy, i.e., local uniqueness of rational expectations ...