Results 131 to 140 of about 63,034 (165)
The Taylor Rule and the Transformation of Monetary Policy [PDF]
SSRN Electronic Journal, 2007 Preface by Richard W. Fisher Introduction by Evan F. Koenig, Robert Leeson, and George A. Kahn I. TAYLOR\u2019S APPROACH TO MONETARY THEORY AND POLICY 1. Monetary Policy Rules: from Adam Smith to John Taylor by Pier Francesco Asso, Robert Leeson 2. The Taylor Rule and the Practice of Central Banking by George A. Kahn 3.
Pier Francesco Asso +2 more
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Taylor rules or target rules? [PDF]
Macro Bulletin, 2015 George A. Kahn assesses whether the Federal Open Market Committee's policy actions are better characterized as following a policy-rule or target-rule approach.
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SSRN Electronic Journal, 2017
Friedrich August von Hayek in his early papers criticized price-level stabilization as an optimal monetary policy. In the Hayek theory, attempts to stabilize the price level in an economy with increasing natural output may initiate business cycle. The trigger lies in monetary accommodation that is required to prevent the fall in prices, which would ...
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Friedrich August von Hayek in his early papers criticized price-level stabilization as an optimal monetary policy. In the Hayek theory, attempts to stabilize the price level in an economy with increasing natural output may initiate business cycle. The trigger lies in monetary accommodation that is required to prevent the fall in prices, which would ...
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No-Arbitrage Taylor Rules with Switching Regimes
Management Science, 2010We study the time-varying nature of U.S. monetary policies summarized by the Taylor rule based on a continuous-time regime-switching term structure model. In this model, the spot rate follows the Taylor rule and government bonds at different maturities are priced by no arbitrage.
Haitao Li, Tao Li, Cindy Yu
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The Observational Equivalence of Taylor Rule and Taylor-Type Rules
2001In the past few years the view has commonly been expressed that central banks follow `Taylor Rules' (as first promulgated by Henderson and McKibbin (1993)). We show that the appearance of such an interest rate rule – a ‘pseudo-Taylor rule’ – can be created by a standard macro model in which actually a money supply rule is operating with no interest ...
Minford, Patrick +2 more
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Japanese Economy, 2011
The purpose of this article is to reexamine Japan's financial policies from the perspective of the Taylor rule, which has become the standard for assessing financial policies. The Taylor rule is a rule for setting the bank rate, whereby the nominal bank rate is expressed as a linear function of the inflation rate and gross domestic product (GDP) gap ...
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The purpose of this article is to reexamine Japan's financial policies from the perspective of the Taylor rule, which has become the standard for assessing financial policies. The Taylor rule is a rule for setting the bank rate, whereby the nominal bank rate is expressed as a linear function of the inflation rate and gross domestic product (GDP) gap ...
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Monetary Policy, Taylor’s Rule and Instability
Metroeconomica, 2002We analyse the dynamic behaviour of an economy where the central bank (CB) sets interest rates according to a Taylor‐type policy rule. A simple model for a closed and instability‐prone economy is constructed and subjected to formal dynamical analysis and numerical simulation.
Alonso González, Luis Alberto +1 more
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Nowcasting and the Taylor Rule
Journal of Money, Credit and Banking, 2014Actual federal funds rates in the U.S. have, at times, deviated from the recommendations of a simple Taylor rule. This paper proposes a “nowcasting” Taylor rule that preserves the form of the Taylor rule but encompasses realistic assumptions on information observable to policymakers.
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National Institute Economic Review, 2000
This paper discusses the role of forecasts in the control of inflation. Much has been made of variations on the so-called Taylor rule for inflation control. Forward-looking Taylor rules are reconciled with optimal control using a class of rules described as error-correcting Taylor rules.
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This paper discusses the role of forecasts in the control of inflation. Much has been made of variations on the so-called Taylor rule for inflation control. Forward-looking Taylor rules are reconciled with optimal control using a class of rules described as error-correcting Taylor rules.
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Is the Taylor Rule Really Different from the Mccallum Rule?
Contemporary Economic Policy, 2002When base velocity is a stable function of the Federal funds rate (FFR), the money base-nominal GDP targeting rule (McCallum rule) can be re-parameterised and presented in terms of FFR as the policy instrument. Comparison of this McCallum modified policy rule with the popular Taylor rule suggests that these two rules and the FFR are actually ...
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