The Taylor Principle and Global Determinacy in a Non-Ricardian World
Copyright policy )The Taylor Principle and Global Determinacy in a Non-Ricardian World
The Taylor principle is quite usually considered as a central condition for price determinacy. Recently, however, this has been questioned on several grounds, notably because (i) this condition is a condition for local determinacy, not global determinacy (ii) it has been derived in Ricardian economies, and it appears that going to a non-Ricardian framework makes a very big difference for the determinacy conditions. In this paper we scrutinize the two issues together, and we find that for non-Ricardian equilibria the Taylor principle is replaced by another financial dominance criterion.
Taylor Principle, Taylor Rules, Global Determinacy, Price Determinacy, Non-Ricardian Economies, Non-Ricardian equilibria, Taylor principle,Taylor rules,global determinacy,price determinacy,non Ricardian economies,non Ricardian equilibria,Principe de Taylor,règles de Taylor,détermination globale,équilibres non Ricardiens,économies non Ricardiennes, jel: jel:E52, jel: jel:E63
Taylor Principle, Taylor Rules, Global Determinacy, Price Determinacy, Non-Ricardian Economies, Non-Ricardian equilibria, Taylor principle,Taylor rules,global determinacy,price determinacy,non Ricardian economies,non Ricardian equilibria,Principe de Taylor,règles de Taylor,détermination globale,équilibres non Ricardiens,économies non Ricardiennes, jel: jel:E52, jel: jel:E63
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