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Applying Academic Research on Monetary Policy Rules: An Exercise in Translational Economics

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  • Taylor, John B

Abstract

Recent progress in the practical application of research on monetary policy rules in the United States during the 1990s is examined. The paper focuses on how simple policy rules that describe how the central bank's interest rate responds to the economy have provided a useful framework for actual decision making. It is argued that the process by which economic research is put into practice--called transitional economies--is fascinating and worthy of careful study in general. Several recent examples from research on monetary policy rules are offered to show why. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

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Bibliographic Info

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 66 (1998)
Issue (Month): 0 (Supplement)
Pages: 1-16

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Handle: RePEc:bla:manch2:v:66:y:1998:i:0:p:1-16

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Postal: Manchester M13 9PL
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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Cited by:
  1. Michael Woodford, 2012. "Forecast Targeting as a Monetary Policy Strategy - Policy Rules in Practice," Book Chapters, in: Evan F. Koenig & Robert Leeson & George A. Kahn (ed.), The Taylor Rule and the Transformation of Monetary Policy, chapter 9 Hoover Institution, Stanford University.
  2. Yu Hsing, 2004. "Estimating the Bank of Japan's monetary policy reaction function," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 169-183.
  3. repec:ebl:ecbull:v:15:y:2005:i:5:p:1-10 is not listed on IDEAS
  4. Yu Hsing, 2004. "Estimating the Bank of Japan's monetary policy reaction function," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 169-183.
  5. Yu Hsing, 2005. "Impacts of macroeconomic policies on the Latvian output and policy implications," Applied Economics Letters, Taylor & Francis Journals, vol. 12(8), pages 467-471.
  6. Yu Hsing, 2005. "Application of the IS-MP-IA model to the German economy and policy implications," Economics Bulletin, AccessEcon, vol. 15(5), pages 1-10.

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