Monetary Policy Rules
edited by John B. Taylor
University of Chicago Press, 1999
Cloth: 978-0-226-79124-1 | Paper: 978-0-226-79125-8 | Electronic: 978-0-226-79126-5
ABOUT THIS BOOKAUTHOR BIOGRAPHYTABLE OF CONTENTS

ABOUT THIS BOOK

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.

AUTHOR BIOGRAPHY

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and a research associate of the National Bureau of Economic Research.

TABLE OF CONTENTS

Acknowledgments

Introduction

1. Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model

2. Interest Rate Rules in an Estimated Sticky Price Model

3. Policy Rules for Open Economies

4. Forward-Looking Rules for Monetary Policy

5. Policy Rules for Inflation Targeting

6. Robustness of Simple Monetary Policy Rules under Model Uncertainty

7. A Historical Analysis of Monetary Policy Rules

8. What Should the Monetary Authority Do When Prices Are Sticky?

9. Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty

Contributors

Author Index

Subject Index