eventually attain its long-run, positive inflation target. This illustrates that a credible long-run inflation target does not … level targeting does restore determinacy providing agents believe that inflation will eventually be positive. …

nominal interest rates, even when agents believe that the central bank will eventually attain its long-run, positive inflation … target. This illustrates that a credible long-run inflation target does not render the Taylor principle sufficient for …

distinction was drawn quite independently of Keynes, yet Keynes's General Theory led to its widespread adoption. The question of … microfoundations was not raised for the first time in the 1960s or ‘70s, as is sometimes thought, but goes back to the very foundations … directly in Keynes's own theorizing in the General Theory; a fixed-price general-equilibrium theory, which includes some work …