Monetary Policy Rules and Macroeconomic Stability
Title | Monetary Policy Rules and Macroeconomic Stability PDF eBook |
Author | Richard H. Clarida |
Publisher | |
Pages | 50 |
Release | 1998 |
Genre | Interest rates |
ISBN |
Monetary Policy Rules
Title | Monetary Policy Rules PDF eBook |
Author | John B. Taylor |
Publisher | University of Chicago Press |
Pages | 460 |
Release | 2007-12-01 |
Genre | Business & Economics |
ISBN | 0226791262 |
This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
Monetary Policy Rules, Macroeconomic Stability and Inflation
Title | Monetary Policy Rules, Macroeconomic Stability and Inflation PDF eBook |
Author | Athanasios Orphanides |
Publisher | |
Pages | 48 |
Release | 2001 |
Genre | Monetary policy |
ISBN |
Monetary Policy Rules, Macroeconomic Stability and Inflation
Title | Monetary Policy Rules, Macroeconomic Stability and Inflation PDF eBook |
Author | Allen N. Berger |
Publisher | |
Pages | 42 |
Release | 2001 |
Genre | Bank loans |
ISBN |
Monetary and Macroprudential Policy Rules in a Model with House Price Booms
Title | Monetary and Macroprudential Policy Rules in a Model with House Price Booms PDF eBook |
Author | Mr.Pau Rabanal |
Publisher | International Monetary Fund |
Pages | 38 |
Release | 2009-11-01 |
Genre | Business & Economics |
ISBN | 1451873980 |
We argue that a stronger emphasis on macrofinancial risk could provide stabilization benefits. Simulations results suggest that strong monetary reactions to accelerator mechanisms that push up credit growth and asset prices could help macroeconomic stability. In addition, using a macroprudential instrument designed specifically to dampen credit market cycles would also be useful. But invariant and rigid policy responses raise the risk of policy errors that could lower, not raise, macroeconomic stability. Hence, discretion would be required.
Worldwide Macroeconomic Stability and Monetary Policy Rules
Title | Worldwide Macroeconomic Stability and Monetary Policy Rules PDF eBook |
Author | James Bullard |
Publisher | |
Pages | |
Release | 2006 |
Genre | |
ISBN |
"We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all economies to endogenous volatility, even ones where monetary policy may be judged appropriate from a closed economy perspective. We construct and discuss two quantitative cases. In the 1970s, worldwide equilibrium was characterized by a two-dimensional indeterminacy, despite U.S. adherence to a version of the Taylor principle. In the last 15 years, worldwide equilibrium was still characterized by a one-dimensional indeterminacy, leaving all economies exposed to endogenous volatility. Our analysis provides a rationale for a type of international policy coordination, and the gains to coordination in the sense of avoiding indeterminacy may be large"--Federal Reserve Bank of St. Louis web site.
The Taylor Rule and the Transformation of Monetary Policy
Title | The Taylor Rule and the Transformation of Monetary Policy PDF eBook |
Author | Robert Leeson |
Publisher | Hoover Press |
Pages | 368 |
Release | 2013-09-01 |
Genre | Political Science |
ISBN | 0817914064 |
A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.