Monetary Policy RulesJohn B. Taylor University of Chicago Press, 1. 12. 2007 - Počet stran: 458 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. |
Obsah
| 1 | |
1 Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model | 15 |
2 Interest Rate Rules in an Estimated Sticky Price Model | 57 |
3 Policy Rules for Open Economies | 127 |
4 ForwardLooking Rules for Monetary Policy | 157 |
5 Policy Rules for Inflation Targeting | 203 |
6 Robustness of Simple Monetary Policy Rules under Model Uncertainty | 263 |
7 A Historical Analysis of Monetary Policy Rules | 319 |
8 What Should the Monetary Authority Do When Prices Are Sticky? | 349 |
9 Rethinking the Role of NAIRU in Monetary Policy Implications of Model Formulation and Uncertainty | 405 |
Contributors | 437 |
Author Index | 439 |
| 443 | |
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