Estimates of the Effectiveness of Monetary Policy

Ray C. Fair

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic theories and models

Abstract

This paper examines various interest rate rules, including rules derived by solving optimal control problems, for their ability to dampen economic fluctuations caused by random shocks. A tax rate rule is also considered. A multicountry econometric model is used for the experiments. The results differ sharply from those obtained using recent models in which the coefficient on inflation in the nominal interest rate rule must be greater than one in order for the economy to be stable. 1

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References

1999The Science of Monetary Policy: A New Keynesian Perspective 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*1999Monetary Policy Rules 2000Keynesian Macroeconomics without the LM Curve 1998Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model 2001Is the Fed Too Timid? Monetary Policy in an Uncertain World 1998Robustness of Simple Monetary Policy Rules under Model Uncertainty 2000Teaching Modern Macroeconomics at the Principles Level

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