Historical Monetary Policy Analysis and the Taylor Rule
Title | Historical Monetary Policy Analysis and the Taylor Rule PDF eBook |
Author | Board of Governors of the Federal Reserve System |
Publisher | Createspace Independent Publishing Platform |
Pages | 50 |
Release | 2014-10-22 |
Genre | Business & Economics |
ISBN | 9781502926777 |
This study examines the usefulness of the Taylor-rule framework as an organizing device for describing the policy debate and evolution of monetary policy in the United States. Monetary policy during the 1920s and since the 1951 Treasury-Federal Reserve Accord can be broadly interpreted in terms of this framework with rather surprising consistency. In broad terms, during these periods policy has been generally formulated in a forward- looking manner with price stability and economic stability serving as implicit or explicit guides. As early as the 1920s, measures of real economic activity relative to “normal" or “potential" supply appear to have influenced policy analysis and deliberations. Condence in such measures as guides for activist monetary policy proved counterproductive at times, resulting in excessive activism, such as during the Great Inflation and at the brink of the Great Depression. Policy during the past two decades is broadly consistent with natural- growth targeting variants of the Taylor rule that exhibit less activism.
Historical Monetary Policy Analysis and the Taylor Rule
Title | Historical Monetary Policy Analysis and the Taylor Rule PDF eBook |
Author | Athanasios Orphanides |
Publisher | |
Pages | 70 |
Release | 2003 |
Genre | Monetary policy |
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.
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.
Monetary Economics
Title | Monetary Economics PDF eBook |
Author | Steven Durlauf |
Publisher | Springer |
Pages | 395 |
Release | 2016-04-30 |
Genre | Performing Arts |
ISBN | 0230280854 |
Specially selected from The New Palgrave Dictionary of Economics 2nd edition, each article within this compendium covers the fundamental themes within the discipline and is written by a leading practitioner in the field. A handy reference tool.
The Taylor Rule and the Transformation of Monetary Policy
Title | The Taylor Rule and the Transformation of Monetary Policy PDF eBook |
Author | |
Publisher | |
Pages | |
Release | 2007 |
Genre | |
ISBN |
This paper examines the intellectual history of the Taylor Rule and its considerable influence on macroeconomic research and monetary policy. The paper traces the historical antecedents to the Taylor rule, emphasizing the contributions of three prominent advocates of rules--Henry Simons, A.W.H. Phillips, and Milton Friedman. The paper then examines the evolution of John Taylor's thinking as an academic and policy advisor leading up to his formulation of the Taylor rule. Finally, the paper documents the influence of the Taylor rule on macroeconomic research and the Federal Reserve's conduct of monetary policy.
Monetary Policy and the Housing Bubble
Title | Monetary Policy and the Housing Bubble PDF eBook |
Author | Jane Dokko |
Publisher | |
Pages | 76 |
Release | 2009 |
Genre | Monetary policy |
ISBN |