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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/10012464961

International Coordination in the Design of Macroeconomic Policy Rules

Taylor, John B. - 1984

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/10012477580

International Capital Mobility and the Coordination of Monetary Rules

Carlozzi, Nicholas - 1983

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

Persistent link: https://www.econbiz.de/10012477855

The Role of Expectations in the Choice of Monetary Policy

Taylor, John B. - 1982

This paper reviews and contrasts different views about the role of expectations in policy research and practice. Recently, two widely different views seem to have dominated the analysis of policy questions.One view, which is referred to as the "new classical macroeconomic"view, is that...

Persistent link: https://www.econbiz.de/10012478061

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/10012480001

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/10012462734

Falling Behind the Curve : A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation

Levin, Andrew - 2010

This paper documents the evolution of long-run inflation expectations and models the stance of monetary policy from … 1965 to 1980. A host of survey-based measures and financial market data indicate that long-run inflation expectations rose … with a constant inflation goal, our analysis indicates that the path of policy can be characterized by a reaction function …

Persistent link: https://www.econbiz.de/10012463020

Estimated Impact of the Fed's Mortgage-Backed Securities Purchase Program

Stroebel, Johannes C. - 2009

We examine the quantitative impact of the Federal Reserve's mortgage-backed securities (MBS) purchase program. We focus on how much of the recent decline in mortgage interest rate spreads can be attributed to these purchases. The question is more difficult than frequently perceived because of...

Persistent link: https://www.econbiz.de/10012463024

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

Taylor, John B. - 2009

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/10012463799

The Financial Crisis and the Policy Responses : An Empirical Analysis of What Went Wrong

Taylor, John B. - 2009

This paper is an empirical investigation of the role of government actions and interventions in the financial crisis that flared up in August 2007. It integrates and summarizes several ongoing empirical research projects with the aim of learning from past policy. The evidence is presented in a...

Persistent link: https://www.econbiz.de/10012464018