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Monetary Policy Rules

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange.

Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.

458 pages | 82 line drawings, 33 tables | 6 x 9 | © 1999

National Bureau of Economic Research Studies in Business Cycles

Economics and Business: Economics--Money and Banking

Table of Contents

John B. Taylor
1. Performance of Operational Policy Rules in an Estimated Semiclassical Structural Model
Bennett T. McCallum and Edward Nelson
Comment: Mark Gertler
Discussion Summary
2. Interest Rate Rules in an Estimated Sticky Price Model
Julio J. Rotemberg and Michael Woodford
Comment: Martin Feldstein
Discussion Summary
3. Policy Rules for Open Economies
Laurence Ball
Comment: Thomas J. Sargent
Discussion Summary
4. Forward-Looking Rules for Monetary Policy
Nicoletta Batini and Andrew G. Haldane
Comment: Donald L. Kohn
Discussion Summary
5. Policy Rules for Inflation Targeting
Glenn D. Rudebusch and Lars E. O. Svensson
Comment: Frederic S. Mishkin
Comment: James H. Stock
Discussion Summary
6. Robustness of Simple Monetary Policy Rules under Model Uncertainty
Andrew Levin, Volker Wieland, and John C. Williams
Comment: Lawrence J. Christiano and Christopher J. Gust
Discussion Summary
7. A Historical Analysis of Monetary Policy Rules
John B. Taylor
Comment: Richard H. Clarida
Discussion Summary
8. What Should the Monetary Authority Do When Prices Are Sticky?
Robert G. King and Alexander L. Wolman
Comment: Benjamin M. Friedman
Discussion Summary
9. Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty
Arturo Estrella and Frederic S. Mishkin
Comment: Robert E. Hall
Discussion Summary
Author Index
Subject Index

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