Batini, Nicoletta; Millard, Stephen P.; Harrison, Richard - Society for Computational Economics - SCE - 2000
The most popular simple rules, due to Taylor (1993) and McCallum (1995), are both meant to inform monetary policy in economies that are closed. On the other hand, their main open economy alternative, the Monetary Conditions Index (MCI) rule of Ball (1999) is flawed for a number or reasons, not...