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- W1495755114 abstract "In recent years, one has witnessed a wide-spread attention on the way monetary policy isconducted and in particular on the role of theso-called monetary policy rules. Several reasonsseem to underlie this renewed interest. Perhapsthe most important one is that since the secondhalf of the 1980s, a number of studies have con-cluded that monetary policy significantly influ-ences the short-term performance of the real econ-omy. A part of this strand of literature tries toidentify simple monetary policy rules that couldreduce the likelihood of inflationary shocks similarto those of the 1970s.The conventional approach in the literatureconsists in estimating reaction functions for amonetary authority (the Federal Reserve, in mostcases) in which a nominal interest rate, directly orindirectly controlled by that monetary authority, isadjusted in response to deviations of inflation(current or expected) from target and of outputfrom potential. These reaction functions, usuallycalled Taylor rules, following John Taylor’s semi-nal paper published in 1993, seem to match anumber of normative principles set forth in the lit-erature for optimal monetary policy" @default.
- W1495755114 created "2016-06-24" @default.
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- W1495755114 date "2001-01-01" @default.
- W1495755114 modified "2023-09-23" @default.
- W1495755114 title "UNCERTAINTY IN THE TAYLOR RULE AND MONETARY POLICY ASSESSMENT" @default.
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