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Monetary Policy Rules

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Monetary Policy Rules

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Author : John B. Taylor
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01

Monetary Policy Rules written by John B. Taylor and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.

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

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Author : John B. Taylor
language : en
Publisher: University of Chicago Press
Release Date : 2001-05-01

The Taylor Rule And The Transformation Of Monetary Policy

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Author : Robert Leeson
language : en
Publisher: Hoover Press
Release Date : 2013-09-01

The Taylor Rule And The Transformation Of Monetary Policy written by Robert Leeson and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-01 with Political Science categories.

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 Policy

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Author : Norman Loayza
language : en
Publisher:
Release Date : 2002

Monetary Policy written by Norman Loayza and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Monetary policy categories.

Alternative Monetary Policy Rules For India

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Author : Michael Debabrata Patra
language : en
Publisher: International Monetary Fund
Release Date : 2012-05-01

Alternative Monetary Policy Rules For India written by Michael Debabrata Patra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Business & Economics categories.

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion.

Explain Carefully The Rationale For The Taylor Rule In Monetary Policy And Discuss The Extent To Which Modern Central Banks In Major Countries Have Been Following Taylor Rules

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Author : Kristian Kanthak
language : en
Publisher: GRIN Verlag
Release Date : 2003-01-23

Explain Carefully The Rationale For The Taylor Rule In Monetary Policy And Discuss The Extent To Which Modern Central Banks In Major Countries Have Been Following Taylor Rules written by Kristian Kanthak and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-23 with Political Science categories.

Essay from the year 2002 in the subject Business economics - Economic Policy, grade: 1,7 (A-), University of St Andrews (Department of Economics), course: Monetary Policy, language: English, abstract: According to Goodhart’s speech in 1998, the key decision that the monetary authorities take each month is whether, and by how much, to alter the shortterm interest rate. As central banks vary interest rates in response to economic development the crucial question has become how they should adjust it in order to achieve, or to come as close as possible to, the social welfare optimum. The vital importance of this decision for the financial community and therefore the economies in general could be observed in the public discussion which frequently occurs about how the Fed and the ECB should react by changing the short term interest rates. A popular way of explaining the way central banks take its interest rate decisions has been proposed by Taylor in 1993. He basically suggested a rule, which he derived from observation of former successful monetary policy. This essay shows how the Taylor rule works and to which extent major central banks have been following the rule.

Simple Monetary Policy Rules Under Model Uncertainty

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Author : Ann-Charlotte Eliasson
language : en
Publisher: International Monetary Fund
Release Date : 1999-05-01

Simple Monetary Policy Rules Under Model Uncertainty written by Ann-Charlotte Eliasson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-05-01 with Business & Economics categories.

Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as conventional Taylor rules) or substantial interest rate smoothing perform very poorly in models with moderate nonlinearities, particularly when policymakers tend to make serially correlated errors in estimating the NAIRU. This challenges the practice of evaluating rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.

Monetary Policy Rules And The U S Business Cycle

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Author : Pau Rabanal
language : en
Publisher:
Release Date : 2004-09-01

Monetary Policy Rules And The U S Business Cycle written by Pau Rabanal and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-09-01 with Business & Economics categories.

This paper estimates Taylor-type interest rates for the United States allowing for both time and state dependence. It provides evidence that the coefficients of the Taylor rule change significantly over time, and that the behavior of the Federal Reserve over the cycle can be explained using a two-state switching regime model. During expansions, the Federal Reserve follows a rule that can be characterized as inflation targeting with a high degree of interest rate smoothing. During recessions, the Federal Reserve targets output growth and conducts policy in a more active manner. the implications of conducting this type of policy are analyzed in a small scale new Keynesian model.

How Monetary Policy Got Behind The Curve And How To Get Back

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Author : Michael D. Bordo
language : en
Publisher: Hoover Press
Release Date : 2023-03-01

How Monetary Policy Got Behind The Curve And How To Get Back written by Michael D. Bordo and has been published by Hoover Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-01 with Business & Economics categories.

With the inflation rate in the United States and many other countries on the rise for over a year and nearing double digits, the Hoover Institution hosted its 2022 conference on monetary policy. Policy makers, market participants, and academic researchers gathered to discuss the situation. Many agreed that low interest rates and high money growth were inappropriate given the high inflation rate and evidence that the United States has recovered from the deep recession induced by the pandemic and its policy response in 2020. The thoughtful papers and the thorough discussions in this volume of conference proceedings illustrate the debate about the reasons for this mismatch, as well as how to get back on track. They reflect a range of opinions and perspectives, including examination of the fiscal shock resulting from the COVID pandemic and the related borrowing and spending; emphasis on the value of adherence to rules versus discretion in setting Fed policy; lessons from history in the spikes in federal expenditures during times of war (including the pandemic) and in the timing of the Fed's use of its policy instruments; the role of central banks in the emerging inflation crisis; and strategies toward disinflation.

Monetary Policy Rules For An Open Economy

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Author : Nicoletta Batini
language : en
Publisher:
Release Date : 2005

Monetary Policy Rules For An Open Economy written by Nicoletta Batini and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

The most popular simple rule for the interest rate, due to Taylor, is meant to inform monetary policy in closed economies. On the other hand, its main open-economy alternative, Ball's rule based on a monetary conditions index (MCI), may perform poorly in the face of specific types of exchange rate shocks, and thus cannot offer guidance for the day-to-day conduct of monetary policy. In this paper, a comprehensive set of simple monetary policy rules (including the MCI-based and Taylor versions) is specified and evaluated, all suitable for small open economies in general, and for the United Kingdom in particular. The asymptotic properties of a two-sector open-economy dynamic stochastic general equilibrium model calibrated on UK data are compared under the different rules. It is found that an inflation-forecast-based rule (IFB), i.e., one that reacts to deviations of expected inflation from target, performs well. Adding a separate response to the level of the real exchange rate (contemporaneous and lagged) appears to reduce the difference in adjustment between output gaps in the two sectors of the economy, but the improvement is only marginal. Importantly, an IFB rule, with or without exchange rate adjustment, appears robust to different shocks, in contrast to naive or Ball's MCI-based rules.

Monetary Policy Rules

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