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The nonuniqueness of rational expectations is explained: in the stochastic,discrete-time, linear, constant-coefficients case, the associated freeparameters are coefficients that determine the public's most immediatereactions to shocks. The requirement of model-consistency may leave theseparameters completely free, yet when their values are appropriately specified,a unique solution is determined. In a broad class of models, the requirement ofleast-square forecast errors determines the parameter values, and thereforedefines a unique solution. This approach is independent of dynamical stability,and generally does not suppress model dynamics.  Application to a standard New Keynesian example shows that the traditionalsolution suppresses precisely those dynamics that arise from rationalexpectations. The uncovering of those dynamics reveals their incompatibilitywith the new I-S equation and the expectational Phillips curve.

The Origin and the Resolution of Nonuniqueness in Linear Rational Expectations