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How Useful Are Taylor Rules for Monetary Policy
8 references·16 citing·44 second hop
How Useful Are Taylor Rules for Monetary Policy (1999)How Useful Are Taylor Rules for Monetary …The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank (1999)The robustness and efficiency…Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model (1998)Performance of Operational Po…Monetary policy rules in practice (1998)Monetary policy rules in prac…Issues in the Design of Monetary Policy Rules (1997)Issues in the Design of Monet…IMF Estimates of Potential Output (1997)IMF Estimates of Potential Ou…Federal Reserve interest rate targeting, rational expectations, and the term structure (1995)Federal Reserve interest rate…A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence (1993)A comparison of some basic mo…The Phillips curve and labor markets (1976)The Phillips curve and labor …Stock Prices and Monetary Policy Shocks: A General Equilibrium Approach (2011)Stock Prices and Monetary Pol…Taylor Rule Deviations and Financial Imbalances (2010)Taylor Rule Deviations and Fi…Policy Regime Changes, Judgment and Taylor rules in the Greenspan Era (2009)Policy Regime Changes, Judgme…Using Taylor Rules to Understand European Central Bank Monetary Policy (2007)Using Taylor Rules to Underst…TAYLOR RULES AND INTEREST RATE SMOOTHING IN THE EURO AREA* (2007)TAYLOR RULES AND INTEREST RAT…Oil Prices, Monetary Policy, and Counterfactual Experiments (2006)Oil Prices, Monetary Policy, …Monetary Policy with Judgment: Forecast Targeting (2005)Monetary Policy with Judgment…Using Taylor Rules to Understand ECB Monetary Policy (2004)Using Taylor Rules to Underst…Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia (2004)Term Structure Evidence on In…Monetary Policy Rules, Asset Prices, and Exchange Rates (2004)Monetary Policy Rules, Asset …A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy (2004)A Macro-Finance Model of the …What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules (2003)What is Wrong with Taylor Rul…Thick modeling (2003)Thick modelingPermanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information (2003)Permanent and Transitory Poli…A Comparison between the Fed and the ECB: Taylor Rules (2003)A Comparison between the Fed …Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan (2000)Alternative Monetary Policy R…Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model (1970)Aggregate Dynamics and Staggered Contracts (1980)Exchange Rate Theory and Practice (1984)Simple Rules for Monetary Policy (1999)The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area? (1999)Monetary policy and institutions before, during, and after the global financial crisis (2013)Distribution of the Estimators for Autoregressive Time Series with a Unit Root (1979)Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root (1981)Co-Integration and Error Correction: Representation, Estimation, and Testing (1987)Using Happiness Surveys to Value Intangibles: The Case of Airport Noise (2004)Taylor Rules for the ECB using Expectations Data* (2008)Does central bank communication really lead to better forecasts of policy decisions? New evidence based on a Taylor rule model for the ECB (2010)Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence (1989)Staggered Prices in a Utility-Maximizing Framework (1996)Is the Fed Too Timid? Monetary Policy in an Uncertain World (2001)Historical monetary policy analysis and the Taylor rule (2003)House prices, consumption, and monetary policy: a financial accelerator approach (2004)Discretion versus policy rules in practice (1993)Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* (2000)Monetary Policy Rules, Macroeconomic Stability, and Inflation: A View from the Trenches (2004)Estimating New-Keynesian Phillips curves: A full information maximum likelihood approach (2005)Determinacy and Identification with Taylor Rules (2011)Economic Growth in a Cross Section of Countries (1989)A SENSITIVITY ANALYSIS OF CROSS-COUNTRY GROWTH REGRESSIONS (1991)Economic Growth in a Cross Section of Countries (1991)An investment-function-based measure of capacity utilisation. (2001)Aggregate Supply in the United States: Recent Developments and Implications for the Conduct of Monetary Policy (2013)More effective than we thought: Central bank independence and inflation in developing countries (2019)The Combination of Forecasts (1969)Combining forecasts: A review and annotated bibliography (1989)International house prices and macroeconomic fluctuations (2009)Forecast combinations of computational intelligence and linear models for the NN5 time series forecasting competition (2011)Is there an optimal forecast combination? (2013)Nominal income targeting in an open-economy optimizing model (1999)One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know? (2001)The Science of Monetary Policy: A New Keynesian Perspective (1999)An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area (2003)Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach (2007)Some Lessons from the Yield Curve (1995)Macroeconomic news and bond market volatility1We thank Walter Toshi Baily, Bob Korajczyk, Jim Poterba, Mark Watson, seminar participants at the University of Chicago, Columbia University, Cornell University, and the University of Montreal, and especially Ludger Hentschel (the referee) for helpful comments. We also thank Mark Mitchell for supplying data, and Amy C. Ko and Sydney Ludvigson for research assistance. Lamont was supported by the FMC Faculty Research Fund at the Graduate School of Business, University of Chicago. A portion of this research was completed while Lumsdaine was a National Fellow at the Hoover Institution. We also thank the Financial Research Center at Princeton University for support. A previous version of this paper circulated as `Public Information and the Persistence of Bond Market Volatility'.1 (1998)Interest-rate smoothing and optimal monetary policy: a review of recent empirical evidence (2000)Rational expectations and the theory of economic policy (1976)Potential GNP: Its measurement and significance (1979)Long-term economic growth projections in the Shared Socioeconomic Pathways (2015)
this work references cited by second hop

References

  • 1998Monetary policy rules in practice2,206 cited
  • 1976The Phillips curve and labor markets612 cited
  • 1999The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European central bank542 cited
  • 1997Issues in the Design of Monetary Policy Rules496 cited
  • 1998Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model440 cited
  • 1995Federal Reserve interest rate targeting, rational expectations, and the term structure373 cited
  • 1993A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence213 cited
  • 1997IMF Estimates of Potential Output164 cited

Cited by

  • 2003Thick modeling187 cited
  • 2007Using Taylor Rules to Understand European Central Bank Monetary Policy139 cited
  • 2003Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information138 cited
  • 2004Monetary Policy Rules, Asset Prices, and Exchange Rates135 cited
  • 2004Using Taylor Rules to Understand ECB Monetary Policy128 cited
  • 2003What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules127 cited

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2000
Alternative Monetary Policy Rules: A Comparison with Historical Settings for the United States, the United Kingdom, and Japan
112 cited
  • 2004A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy93 cited
  • 2004Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia89 cited
  • 2006Oil Prices, Monetary Policy, and Counterfactual Experiments85 cited
  • 2005Monetary Policy with Judgment: Forecast Targeting69 cited
  • 2010Taylor Rule Deviations and Financial Imbalances60 cited
  • 2007TAYLOR RULES AND INTEREST RATE SMOOTHING IN THE EURO AREA*59 cited
  • 2003A Comparison between the Fed and the ECB: Taylor Rules56 cited
  • 2011Stock Prices and Monetary Policy Shocks: A General Equilibrium Approach55 cited
  • 2009Policy Regime Changes, Judgment and Taylor rules in the Greenspan Era54 cited