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The Taylor rule and the transformation of monetary policy

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Author Info
Pier Francesco Asso
George A. Kahn
Robert Leeson

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

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  1. 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. [Downloadable!]
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