Monetary Policy Rules, Vol. 31

Book Description
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.





From the Inside Flap
Should we raise interest rates, lower interest rates, or keep them the same? This is the most difficult, yet the most important, question that Federal Reserve policymakers face. One decision could cause recession or inflation while another could cause continued economic expansion. Investors anticipate the Federal Reserve's decision as it affects bonds, stocks, and foreign exchange rates.

This volume results from a unique cooperative research effort between nearly thirty monetary experts and policymakers from central banks and universities who evaluated different policy rules using a variety of techniques. 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, illustrate 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.



About the Author
John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and a research associate of the National Bureau of Economic Research.



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This volume results from a unique cooperative research effort between nearly thirty monetary experts and policymakers from central banks and universities who evaluated different policy rules using a variety of techniques. 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, illustrate 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.


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