The Dual Nature of Forecast Targeting and Instrument Rules: A Comment on Michael Woodford’s “Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice” - 2007 Taylor conference - FRB Dallas

Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice - Taylor Conference 2007 - FRB Dallas

[To be added.] for helpful discussions; Mehmet Passaogullari for research assistance; the NSF for research support through a grant to the NBER; and the Kumho Visiting Professorship, Yale University, for providing the time to write this paper.

Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice

Forecast targeting is an innovation in central banking that represents an important step toward more rule-based policymaking, even if it is not an attempt to follow a policy rule of any of the types that have received primary attention in the theoretical literature on optimal monetary policy. This paper discusses the extent to which forecast targeting can be considered an example of a policy ru...

Friedman and Taylor on Monetary Policy Rules: A Comparison - Taylor conference 2007 - FRB Dallas

Monetary Policy with Single Instrument Feedback Rules . Bernardino Adão Banco de Portugal Isabel Correia

We revisit the issue of multiplicity of equilibria when monetary policy is conducted with either the interest rate or the money supply as the sole instrument of policy. We show that in standard monetary models there are interest rate feedback rules, and also money supply rules, that implement a unique global equilibrium. This is a contribution to a literature that either concentrates on conditi...

Monetary Policy with Single Instrument Feedback Rules .

We revisit the issue of multiplicity of equilibria when monetary policy is conducted with either the interest rate or the money supply as the sole instrument of policy. We show that in standard monetary models there are interest rate feedback rules, and also money supply rules, that implement a unique global equilibrium. This is a contribution to a literature that either concentrates on conditi...