those of the original Poole analysis. This is also confirmed when considering welfare. In particular, an interest rate rule … foreign shocks, welfare improves under an interest rate rule relative to a money supply rule when real shocks are considered …

obtain when intertemporal substitution is low, and that output volatility rankings do not induce similar welfare rankings …

welfare in the economy by up to 0.3 percent of consumption. This result is robust to several specifications of the Taylor rule …

a fixed rule for convertibility. Quantifying her line of reasoning from a welfare-based perspective leads to three main … results: (1) Returning to a fixed exchange rate arrangement implies high welfare losses for countries with large public … sectors; (2) The welfare loss is increasing in government size; (3) Increasing the share of public expenditures reduces output …

high levels of precautionary liquidity hoarding the optimal policy response of a Taylor rule is shown to indicate a zero … reserves can act as the main tool of monetary policy, that is shown to provide higher welfare gains in relation to a simple … Taylor rule. This result is shown to hold at the zero-bound and it is independent of the precautionary demand for liquidity …

distribution across firms of completed contract lengths. The distribution is consistent with a Generalised Taylor Economy or a … Generalised Calvo model with duration dependent reset probabilities. Equivalent distributions have different degrees of forward …

durations found in the micro-data to generalized Taylor and Calvo models of time-dependent pricing. We illustrate the approach … Generalized Taylor Economy generates a hump shaped response function, whilst the Generalized Calvo does not. …

-biased sampling. Modelling the price-spell durations in this way enables us to see how Taylor, Calvo and their generalizations relate …

-biased sampling. Modelling the price-spell durations in this way enables us to see how Taylor, Calvo and their generalizations relate …