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Policy Rules as a Means to a More Effective Monetary Policy

In: Towards More Effective Monetary Policy

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  • John B. Taylor

Abstract

The purpose of the Seventh Bank of Japan International Conference is to discuss ways in which monetary policy can be made more effective. There are many routes to a more effective monetary policy — through more accurate measurement of inflation, greater knowledge of the monetary transmission mechanism, better ways to supervise banks and other financial institutions, and so on. But the most basic route of all, in my view, is through the development of a set of monetary policy rules or guidelines to help guide monetary policy decisions.

Suggested Citation

  • John B. Taylor, 1997. "Policy Rules as a Means to a More Effective Monetary Policy," Palgrave Macmillan Books, in: Iwao Kuroda (ed.), Towards More Effective Monetary Policy, chapter 2, pages 28-39, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25382-1_2
    DOI: 10.1007/978-1-349-25382-1_2
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    Cited by:

    1. Christopher Nolan Aletras & D. Mouzaki & M. Sagri, 2022. "Perspectives of Public Pedagogy in Christopher Nolan’s Cinema. Case Studies on Inception and the Dark Knight Rises," European Journal of Multidisciplinary Studies Articles, Revistia Research and Publishing, vol. 7, July -Dec.
    2. Svensson, Lars E. O., 1997. "Inflation forecast targeting: Implementing and monitoring inflation targets," European Economic Review, Elsevier, vol. 41(6), pages 1111-1146, June.
    3. Orphanides, Athanasios, 2003. "Historical monetary policy analysis and the Taylor rule," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 983-1022, July.
    4. Alberto Herrou-Aragón, 2003. "La Regla de Taylor para la Tasa de Interés," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(121), pages 690-697.
    5. Bluford H. Putnam & Samantha Azzarello, 2012. "A Bayesian interpretation of the Federal Reserve's dual mandate and the Taylor Rule," Review of Financial Economics, John Wiley & Sons, vol. 21(3), pages 111-119, September.
    6. Batini, Nicoletta & Yates, Anthony, 2003. "Hybrid Inflation and Price-Level Targeting," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(3), pages 283-300, June.
    7. Frank Smets, 1997. "Financial-asset Prices and Monetary Policy: Theory and Evidence," RBA Annual Conference Volume (Discontinued), in: Philip Lowe (ed.),Monetary Policy and Inflation Targeting, Reserve Bank of Australia.
    8. Belongia, Michael T. & Ireland, Peter N., 2019. "The demand for Divisia Money: Theory and evidence," Journal of Macroeconomics, Elsevier, vol. 61(C), pages 1-1.
    9. TIMOFEI, Olga, 2015. "Monetary Policy Against Financial Stability In The Republic Of Moldova," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 2(1), pages 98-103.
    10. Orphanides, Athanasios & Wieland, Volker, 2000. "Efficient Monetary Policy Design near Price Stability," Journal of the Japanese and International Economies, Elsevier, vol. 14(4), pages 327-365, December.
    11. Kuttner, Kenneth N. & Posen, Adam S., 2004. "The difficulty of discerning what's too tight: Taylor rules and Japanese monetary policy," The North American Journal of Economics and Finance, Elsevier, vol. 15(1), pages 53-74, March.
    12. Devine, Máiréad & McCoy, Daniel, 1997. "Inflation Targeting: A Review of the Issues," Research Technical Papers 5/RT/97, Central Bank of Ireland.
    13. John B. Taylor, 2017. "Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy," NBER Working Papers 24149, National Bureau of Economic Research, Inc.
    14. Adebayo Kutu & Gbenga Akinola & Ntokozo Nzimande, 2016. "Monetary Policy and Output Growth Forecasting in a SVAR Perspective," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(7), pages 1-71, July.
    15. Adnen Chockri & Ibticem Frihka, 2011. "La portée de la politique de ciblage d’inflation: Approche analytique et empirique pour le cas Tunisien," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(1), pages 91-111, March.
    16. Putnam, Bluford H. & Azzarello, Samantha, 2012. "A Bayesian interpretation of the Federal Reserve's dual mandate and the Taylor Rule," Review of Financial Economics, Elsevier, vol. 21(3), pages 111-119.
    17. R Sumithra, 2020. "Monetary Policy Goals for Economic Stability in India," Shanlax International Journal of Economics, Shanlax Journals, vol. 8(2), pages 5-11, March.

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