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An historical analysis of monetary policy rules

Author: John B Taylor; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6768.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper examines several episodes in U.S. monetary history using the framework of an interest rate rule for monetary policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more aggressively than it did in the 1960s and 1970s, or than during the time of the international gold standard, and more like the late 1980s and 1990s, is a good  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: John B Taylor; National Bureau of Economic Research.
OCLC Number: 70108105
Description: 1 online resource (53 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6768.
Other Titles: Monetary policy rules
Responsibility: John B. Taylor.

Abstract:

Abstract: This paper examines several episodes in U.S. monetary history using the framework of an interest rate rule for monetary policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more aggressively than it did in the 1960s and 1970s, or than during the time of the international gold standard, and more like the late 1980s and 1990s, is a good policy rule. Moreover, if one defines rule, then such mistakes have been associated with either high and prolonged inflation or drawn out periods of low capacity utilization.

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