Determinacy without the Taylor Principle

We are grateful to the Editor, Andy Atkeson, and three anonymous referees for extensive feedback and to Francesco Bianchi and Stefano Eusepi for insightful discussions of our paper. For helpful comments and suggestions, we also thank Manuel Amador, Marco Bassetto, Florin Bilbiie, V.V. Chari, Lawrence Christiano, John Cochrane, Martin Eichenbaum, Yuriy Gorodnichenko, Patrick Kehoe, Narayana Kocherlakota, Jennifer La’O, Stephen Morris, Emi Nakamura, Juan Pablo Nicolini, Chris Phelan, Tom Sargent, John Shea, Jon Steinsson, Christian Wolf, and seminar participants at Boston University, CICM, Hitotsubashi University, IMF, LSE, Northwestern, Oxford University, Pontifical Catholic University of Chile, Stanford, Tsinghua University, UC Berkeley, University of Maryland, USC, Warwick, Wharton, Yale, the Minneapolis Fed, the Minnesota Conference in Macroeconomic Theory, the NBER Summer Institute (EFCE), the NBER EFG meeting, SED, the Texas Monetary Conference, the Cowles Conference on GE, and VEAMS. Chen Lian thanks the Alfred P. Sloan Foundation and the Clausen Center for International Business and Policy for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• June 2, 2021
• October 20, 2021
• April 11, 2022