Over the past several years, Taylor rules have attracted increased attention of analysts, policymakers, and the financial press. Taylor rules recommend a setting for the level of the federal funds rate based on the state of the economy. Taylor rules have become more appealing recently with the...

In the spring of 2004, there was widespread expectation in financial markets that the Federal Reserve would shortly begin the process of raising its federal funds rate target back toward a more normal level. At the time, there was considerable concern that removing policy accommodation could...

Many economic data series are revised as more comprehensive information becomes available and as methodologies improve. Even the latest available data are subject to uncertainty, and at some point historical data may be replaced by more accurately measured observations. Because monetary policy...