Timeless Perspectives vs. Discretionary Monetary Policy In Forward-Looking Models

Bennett T. McCallum · EDWARD B. NELSON

180 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

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References

1993Discretion versus policy rules in practice 1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 1999The Science of Monetary Policy: A New Keynesian Perspective 1999Inflation dynamics: A structural econometric analysis 2000Optimal monetary policy with staggered wage and price contracts 1981A Positive Theory of Monetary Policy in a Natural-Rate Model 1999Monetary Policy Rules 1997Inflation forecast targeting: Implementing and monitoring inflation targets

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2010A Guided Tour of the World of Rational Expectations Models and Optimal Policies 2003Financial systems and the role of banks in monetary policy transmission in the euro area 2004Can Central Bank Transparency Go Too Far?2003The monetary transmission mechanism in the euro area: evidence from VAR analysis 2003Some stylised facts on the euro area business cycle 2005Average Inflation Targeting

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