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The Explanatory Power of Monetary Policy Rules

Taylor, John B. - 2007

rates, and the shift in the response of the term structure of interest rates to inflation and output. Although the theory …

Persistent link: https://www.econbiz.de/10012775473

International Monetary Coordination and the Great Deviation

Taylor, John B. - 2013

Research in the early 1980s found that the gains from international coordination of monetary policy were quantitatively small compared to simply getting domestic policy right. That prediction turned out to be a pretty good description of monetary policy in the 1980s, 1990s, and until recently....

Persistent link: https://www.econbiz.de/10013088395

The Long and the Short End of the Term Structure of Policy Rules

Smith, Josephine - 2008

inflation and output in the United States. The shift occurred in the early 1980s. We then derive an equation that links these …

Persistent link: https://www.econbiz.de/10012773219

Rules Versus Discretion : Assessing the Debate Over the Conduct of Monetary Policy

Taylor, John B. - 2017

This paper reviews the state of the debate over rules versus discretion in monetary policy, focusing on the role of economic research in this debate. It shows that proposals for policy rules are largely based on empirical research using economic models. The models demonstrate the advantages of a...

Persistent link: https://www.econbiz.de/10012940796

Surprising Comparative Properties of Monetary Models : Results from a New Data Base

Taylor, John B. - 2010

In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy. We make use of a new data base of models designed for such investigations. We focus on three representative models: the Christiano, Eichenbaum, Evans (2005) model, the Smets and...

Persistent link: https://www.econbiz.de/10012757616

Forward Guidance : Is it Useful Away from the Lower Bound?

Maliar, Lilia - 2019

During the recent economic crisis, when nominal interest rates were at their effective lower bounds, central banks used forward guidance announcements about future policy rates to conduct their monetary policy. Many policymakers believe that forward guidance will remain in use after the end of...

Persistent link: https://www.econbiz.de/10012866536

An Historical Analysis of Monetary Policy Rules

Taylor, John B. - 2021

policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more … high and prolonged inflation or drawn out periods of low capacity utilization …

Persistent link: https://www.econbiz.de/10013221290

International Capital Mobility and the Coordination of Monetary Rules

Carlozzi, Nicholas; Taylor, John B. - 2021

alternative macroeconomic policy rules. Macroeconomic performance is measured in terms of fluctuations in inflation and output …

Persistent link: https://www.econbiz.de/10013226587

International Coordination in the Design of Macroeconomic Policy Rules

Taylor, John B. - 2021

the paper. Using a simple 7 country model -- consisting of Canada, France, Germany, Italy,Japan, the United Kingdom, and … inflation in each country are calculated. The cooperative policies are computed using standard dynamic stochastic programming … the cooperative policy rules for these countries are more accommodative to inflation than the non-cooperative policy rules …

Persistent link: https://www.econbiz.de/10013247284

Simple and Robust Rules for Monetary Policy

Taylor, John B. - 2010

This paper focuses on simple rules for monetary policy which central banks have used in various ways to guide their interest rate decisions. Such rules, which can be evaluated using simulation and optimization techniques, were first derived from research on empirical monetary models with...

Persistent link: https://www.econbiz.de/10013144750