Why the Fed Should Ignore the Stock Market

James B. Bullard · Eric Schaling

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Monetary Policy and Economic Impact Market Dynamics and Volatility Economic theories and models

Abstract

James B. Bullard and Eric Schaling study a simple, small dynamic economy which a policymaker is attempting to control with a Taylor-type monetary policy rule. The authors wish to understand the macroeconomic consequences of the policymaker’s decision to include the level of equity prices in the rule.

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References

1993Discretion versus policy rules in practice 1997An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy 1999Monetary Policy Rules 2001Should Central Banks Respond to Movements in Asset Prices?1995Frontiers of Business Cycle Research 1999Optimal Monetary Policy Inertia 2002Learning about monetary policy rules 2001The Taylor Rule and Optimal Monetary Policy

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