Results 121 to 130 of about 63,034 (165)
Journal of Money, Credit and Banking, 2015 We characterize U.S. monetary policy within a generalized Taylor rule framework that accommodates uncertainties about the duration of policy regimes and the specification of the rule, in addition to the standard parameter and stochastic uncertainties inherent in traditional Taylor rule analysis.
Kevin C. Lee +2 more
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The Perils of Taylor Rules [PDF]
SSRN Electronic Journal, 1999 The authors study effects on an economy of active interest rate feedback rules, i.e. the rules that respond to increases in inflation with a more than one-to-one increase in the nominal interest rate. They showed that the intended steady state at which monetary policy is active may be unstable and typically there exists saddle connections leading the ...
Benhabib, Jess +2 more
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Taylor Rules and the Euro [PDF]
Journal of Money, Credit and Banking, 2009 This article uses real‐time data to show that inflation and either the output gap or unemployment, variables which normally enter central banks’ Taylor rules, can provide evidence of out‐of‐sample predictability for the U.S. dollar/euro exchange rate from 1999 to 2007.
Tanya Molodtsova +2 more
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Taylor’s Rule versus Taylor Rules
SSRN Electronic Journal, 2011AbstractDoes the Taylor rule prescribe negative interest rates for 2009–11? This question is important because negative prescribed interest rates provide a justification for quantitative easing once actual policy rates hit the zero lower bound. We answer the question by analyzing Fed policy following the recessions of the early‐to‐mid‐1970s, the early ...
Alex Nikolsko‐Rzhevskyy +1 more
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Questioning the Taylor Rule [PDF]
SSRN Electronic Journal, 2008 This article estimates a forward-looking Taylor-rule-type reaction function exclusively during Greenspan's tenure and shows a considerable loss in both magnitude and significance of the inflation coefficient compared with the extended sample that otherwise includes Volcker's tenure.
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The Taylor Rule and “Opportunistic” Monetary Policy [PDF]
Journal of Money, Credit and Banking, 2010 We investigate the possibility that the Taylor rule should be formulated as a threshold process such that the Federal Reserve acts more aggressively in some circumstances than in others. It seems reasonable that the Federal Reserve would act more aggressively when inflation is high than when it is low.
Walter Enders, Helle Bunzel
exaly +2 more sources
The Taylor Rule and the Practice of Central Banking [PDF]
SSRN Electronic Journal, 2010 The Taylor rule has revolutionized the way many policymakers at central banks think about monetary policy. It has framed policy actions as a systematic response to incoming information about economic conditions, as opposed to a period-by-period optimization problem.
Kahn, G, Leeson, R, ASSO, Pier Francesco
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Forecasting with the Taylor rule
Applied Financial Economics, 2012This article uses the Survey of Professional Forecasters (SPF) to investigate the added value of the Taylor rule in interest rate forecasting. We interpret the Taylor rule as a set of macroeconomic restrictions that can be imposed on each individual professional forecaster's predictions of interest rates, inflation and economic activity.
Arnold, Ivo, Vrugt, EB
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Financial Crisis, Taylor Rule and the Fed [PDF]
Applied Economics Letters, 2013 We investigate how the Federal Reserve (Fed) hit the zero lower bound (ZLB) interest rate while operating under a Taylor-type policy rule. We estimate a reaction function, and the results indicate that during the crisis Fed increased the weight on output without also increasing the weight on inflation which led them to hit the ZLB ...
Saten Kumar
exaly +4 more sources
Stock liquidity and the Taylor rule
Journal of Empirical Finance, 2010Recent theoretical models have linked stock liquidity and commonality in liquidity to the market makers’ funding availability and financial constraints from liquidity supply side. This paper establishes the linkage between stock liquidity and real time macroeconomic variables through the Taylor rule, the monetary policy rule that Federal Reserve uses ...
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