Monetary Policy Rules
Published on 15. August 1999
Book
Hardback
458 pages
978-0-226-79124-1 (ISBN)
Description
This volume presents late-1990s thinking on monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A co-operative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. This work 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, the text should be of interest for economic analysts and policymakers alike.
More details
Series
Language
English
Place of publication
Chicago
United States
Publishing group
The University of Chicago Press
Target group
College/higher education
Professional and scholarly
Illustrations
82 line drawings, 33 tables
Dimensions
Height: 234 mm
Width: 160 mm
Weight
760 gr
ISBN-13
978-0-226-79124-1 (9780226791241)
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Schweitzer Classification
Other editions
Additional editions
John B. Taylor
Monetary Policy Rules
E-Book
12/2007
1st Edition
University of Chicago Press
€49.09
Available for download
Content
Acknowledgments Introduction John B. Taylor 1. Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model Bennett T. McCallum and Edward Nelson Comment: Mark Gertler Discussion Summary 2. Interest Rate Rules in an Estimated Sticky Price Model Julio J. Rotemberg and Michael Woodford Comment: Martin Feldstein Discussion Summary 3. Policy Rules for Open Economies Laurence Ball Comment: Thomas J. Sargent Discussion Summary 4. Forward-Looking Rules for Monetary Policy Nicoletta Batini and Andrew G. Haldane Comment: Donald L. Kohn Discussion Summary 5. Policy Rules for Inflation Targeting Glenn D. Rudebusch and Lars E. O. Svensson Comment: Frederic S. Mishkin Comment: James H. Stock Discussion Summary 6. Robustness of Simple Monetary Policy Rules under Model Uncertainty Andrew Levin, Volker Wieland, and John C. Williams Comment: Lawrence J. Christiano and Christopher J. Gust Discussion Summary 7. A Historical Analysis of Monetary Policy Rules John B. Taylor Comment: Richard H. Clarida Discussion Summary 8. What Should the Monetary Authority Do When Prices Are Sticky? Robert G. King and Alexander L. Wolman Comment: Benjamin M. Friedman Discussion Summary 9. Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty Arturo Estrella and Frederic S. Mishkin Comment: Robert E. Hall Discussion Summary Contributors Author Index Subject Index