Batini, Nicoletta; Harrison, Richard; Millard, Stephen P. - In: Journal of Economic Dynamics and Control 27 (2003) 11, pp. 2059-2094
The popular Taylor rule is meant to inform monetary policy in economies that are closed. Its main open-economy alternative, i.e., Ball's (In: J.B. Taylor (Ed.), Monetary Policy Rules, University of Chicago Press, Chicago) rule based on a Monetary Conditions Index, cannot offer guidance for the...
