#2008-007A "When Does Determinacy Imply Expectational Stability?"
by James B. Bullard, and Stefano Eusepi
February 2008

We study the connections between determinacy of rational expectations equilibrium, and expectational stability or learnability of that equilibrium, in a relatively general New Keynesian model. More...

#2003-013B "Did the Great Inflation Occur Despite Policymaker Commitment to a Taylor Rule?"
by James B. Bullard, and Stefano Eusepi
June 2003
Revised December 2004

We study the hypothesis that misperceptions of trend productivity growth during the onset of the productivity slowdown in the U.S. caused much of the great inflation of the 1970s. We use the general equilibrium, sticky price framework of Woodford (2003), augmented with learning using the techniques of Evans and Honkapohja (2001). More...

PUBLISHED: Review of Economic Dynamics, April 2005, 8(2), pp. 324-59