An Endogenous Taylor Condition in an Endogenous Growth Monetary Policy Model
AbstractThe paper derives a Taylor condition as part of the agent's equilibrium behavior in an endogenous growth monetary economy. It shows the assumptions necessary to make it almost identical to the original Taylor rule, and that it can interchangably take a money supply growth rate form. From the money supply form, simple policy experiments are conducted. A full central bank policy model is derived that includes the Taylor condition along with equations comparable to the standard aggregate-demand/aggregate-supply model.
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Bibliographic InfoPaper provided by Cardiff University, Cardiff Business School, Economics Section in its series Cardiff Economics Working Papers with number E2007/29.
Length: 20 pages
Date of creation: Nov 2007
Date of revision:
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Taylor Rule; endogenous growth; money supply; policy model;
Find related papers by JEL classification:
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- O0 - Economic Development, Technological Change, and Growth - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-11-10 (All new papers)
- NEP-CBA-2007-11-10 (Central Banking)
- NEP-DGE-2007-11-10 (Dynamic General Equilibrium)
- NEP-MAC-2007-11-10 (Macroeconomics)
- NEP-MON-2007-11-10 (Monetary Economics)
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- Minford, Patrick & Ou, Zhirong, 2013.
"Taylor Rule or optimal timeless policy? Reconsidering the Fed's behavior since 1982,"
Elsevier, vol. 32(C), pages 113-123.
- Minford, Patrick & Ou, Zhirong, 2009. "Taylor Rule or Optimal Timeless Policy? Reconsidering the Fed's behaviour since 1982," Cardiff Economics Working Papers E2009/19, Cardiff University, Cardiff Business School, Economics Section, revised May 2010.
- Minford, Patrick, 2008. "Commentary on Economic Projections and Rules of Thumb for Monetary Policy (by Athanasios Orphanides and Volker Wieland)," Cardiff Economics Working Papers E2008/16, Cardiff University, Cardiff Business School, Economics Section.
- Hatcher, Michael C., 2008. "Speed Limit Policies versus Inflation Targeting: A Free Lunch?," Cardiff Economics Working Papers E2008/20, Cardiff University, Cardiff Business School, Economics Section.
- Parantap Basu & Max Gillman & Joseph Pearlman, 2009.
" Inflation, Human Capital and Tobin's q,"
CDMA Conference Paper Series
0904, Centre for Dynamic Macroeconomic Analysis.
- Patrick Minford, 2008. "Commentary on "Economic projections and rules of thumb for monetary policy "," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 331-338.
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