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The Taylor Principle In The Long Run: An Empirical Perspective

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  • Yu-Hsi Chou
  • Jyh-Lin Wu

Abstract

type="main" xml:lang="en"> In this paper, we empirically assess the Taylor principle in the long run with a small-scale, trivariate structural vector autoregression. Using U.S. data spanning the period from 1959Q1 to 2010Q2 and different measures of inflation and the output gap, we find that the Taylor principle is supported in the long run for the post-1979 era, but the principle is unlikely to hold in the long run for the pre-1979 era . ( JEL E52, E58)

Suggested Citation

  • Yu-Hsi Chou & Jyh-Lin Wu, 2015. "The Taylor Principle In The Long Run: An Empirical Perspective," Contemporary Economic Policy, Western Economic Association International, vol. 33(1), pages 66-86, January.
    • Handle: RePEc:bla:coecpo:v:33:y:2015:i:1:p:66-86
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    File URL: http://hdl.handle.net/10.1111/coep.2015.33.issue-1
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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