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The Taylor rule and the transformation of monetary policy

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  • Pier Francesco Asso
  • George A. Kahn
  • Robert Leeson

Abstract

This paper examines the intellectual history of the Taylor Rule and its considerable influence on macroeconomic research and monetary policy. The paper traces the historical antecedents to the Taylor rule, emphasizing the contributions of three prominent advocates of rules--Henry Simons, A.W. H. Phillips, and Milton Friedman. The paper then examines the evolution of John Taylor's thinking as an academic and policy advisor leading up to his formulation of the Taylor rule. Finally, the paper documents the influence of the Taylor rule on macroeconomic research and the Federal Reserve's conduct of monetary policy.

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File URL: http://www.kansascityfed.org/Publicat/RESWKPAP/PDF/RWP07-11.pdf
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Bibliographic Info

Paper provided by Federal Reserve Bank of Kansas City in its series Research Working Paper with number RWP 07-11.

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Date of creation: 2007
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Handle: RePEc:fip:fedkrw:rwp07-11

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Keywords: Taylor's rule ; Taylor; John B. ; Simons; Henry ; Phillips; A.W.H. ; Friedman; Milton ; Monetary policy;

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  1. Taylor, John B, 1989. "The Evolution of Ideas in Macroeconomics," The Economic Record, The Economic Society of Australia, vol. 65(189), pages 185-89, June.
  2. Ben Bernanke & Frederic Mishkin, 1992. "Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 183-238 National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Nicolas Barbaroux & Michel Bellet, 2014. "Monetary Policy and Value Judgments : Did we forget Myrdal's legacy ?," Working Papers halshs-00952009, HAL.
  2. John B. Taylor, 2013. "The Effectiveness of Central Bank Independence Versus Policy Rules," Discussion Papers 12-009, Stanford Institute for Economic Policy Research.
  3. Yanbin Chen & Zhen Huo, 2009. "A Conjecture of Chinese Monetary Policy Rule: Evidence from Survey Data, Markov Regime Switching, and Drifting Coefficients," Annals of Economics and Finance, Society for AEF, vol. 10(1), pages 111-153, May.
  4. Nicolas Barbaroux & Michel Bellet, 2014. "Monetary Policy and Value Judgments : Did we forget Myrdal’s legacy ?," Working Papers 1408, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
  5. George A. Kahn, 2012. "Estimated rules for monetary policy," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV.
  6. Bernd Hayo & Britta Niehof, 2013. "Studying International Spillovers in a New Keynesian Continuous Time Framework with Financial Markets," MAGKS Papers on Economics 201342, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  7. Rageh, Rania, 2010. "Interest rate rule for the conduct of monetary policy: analysis for Egypt (1997:2007)," MPRA Paper 26639, University Library of Munich, Germany.
  8. Michael Woodford, 2012. "Methods of policy accommodation at the interest-rate lower bound," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 185-288.
  9. Ronny Mazzocchi, 2013. "Monetary Policy when the NAIRI is unknown: The Fed and the Great Deviation," DEM Discussion Papers 2013/16, Department of Economics and Management.
  10. John B. Taylor, 2011. "Legislating a Rule for Monetary Policy," Discussion Papers 10-032, Stanford Institute for Economic Policy Research.
  11. Christian Murray & Nikolsko-Rzhevskyy Alex & Papell David, 2013. "Markov Switching and the Taylor Principle," Working Papers 2013-219-06, Department of Economics, University of Houston.

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