منابع مشابه
Historical monetary policy analysis and the Taylor rule
This study examines the usefulness of the Taylor-rule framework as an organizing device for describing the policy debate and evolution of monetary policy in the United States. Monetary policy during the 1920s and since the 1951 Treasury-Federal Reserve Accord can be broadly interpreted in terms of this framework with rather surprising consistency. In broad terms, during these periods policy has...
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This paper is a revised English-language version of the author’s report at a workshop, “Asset-Price Fluctuations and Policy Responses: Experiences of Interwar Japan,” held by the Institute for Monetary and Economic Studies (IMES), Bank of Japan (December 20, 2001). The author has received many valuable comments from participants of the workshop, including Professor Masanao Ito of University of ...
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Economists have reached a consensus that an independent central bank could improve its policy efficiency by following a monetary policy rule. One of the important rules is McCallum rule where that requires central banks to target the growth rate of nominal GDP using the monetary base as its instrument. One of the features of the McCallum rule uses the monetary base rather than the interest rate...
متن کاملMonetary Policy and the Great Inflation: A Multi-Country Time-Varying Analysis Using the Taylor Rule
This paper is motivated by the observation that the Great Inflation, i.e., the high and volatile inflation that developed in the mid 1960s and lasted for almost twenty years, was an international phenomenon. Given that observation, we argue that an explanation for the Great Inflation should be consistent with the timing of the events in many developed countries, and not only with the US. We pro...
متن کاملCross-checking optimal monetary policy with information from the Taylor rule
This paper shows that monetary policy should be delegated to a central bank that cross-checks optimal policy with information from the Taylor rule. Attaching some weight to deviations of the interest rate from the interest rate prescribed by the Taylor rule is beneficial if the central bank aims at optimally stabilizing inflation and output gap variability under discretion. Placing a weight on ...
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ژورنال
عنوان ژورنال: International Journal of Economics and Finance
سال: 2012
ISSN: 1916-9728,1916-971X
DOI: 10.5539/ijef.v4n7p15