TITLE

The Explanatory Power of Monetary Policy Rules

AUTHOR(S)
Taylor, John B.
PUB. DATE
October 2007
SOURCE
Business Economics;Oct2007, Vol. 42 Issue 4, p8
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Over the past 20 years, the use of monetary policy rules has become pervasive in analyzing and prescribing monetary policy. This paper traces the development of such rules and their use in the analysis, prediction, and stabilization of national economies. In particular, rules provide insight into eras in which monetary policy was not effective as well as when it was, such as the persistence of the ongoing "Great Moderation." The paper stresses the "scientific" contributions of rules, including their insight into fluctuations of housing construction and exchange rates, as well as into the term structure of interest rates.
ACCESSION #
27714371

 

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