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The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by European Central Bank

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Author Info
Taylor, J.B.

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Abstract

This paper examines the implications of recent research on monetary policy rules for practical monetary policy making, with special emphasis on strategies for setting interest rates by the new European Central Bank (ECB). The paper draws on recent research and new simulations of a loarge open economy model to assess the efficiency of a simple benchmark rule in comparison with other proposed rules.

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Publisher Info
Paper provided by Stockholm - International Economic Studies in its series Papers with number 649.

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Length: 39 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:stocin:649

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Related research
Keywords: MONETARY POLICY ; CENTRAL BANKS ; INTEREST RATE;

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Find related papers by JEL classification:
E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Determination of Interest Rates; Term Structure of Interest Rates
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

Cited by:
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  1. Nils Björksten & Miika Syrjänen, 2000. "How Problematic are Internal Euro Area Differences?," EUI-RSCAS Working Papers 14, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS). [Downloadable!]
  2. Lars E.O. Svensson, 1998. "Inflation Targeting as a Monetary Policy Rule," NBER Working Papers 6790, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Svensson, Lars E. O., 1999. "Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability," Working Paper Series 91, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
    Other versions:
  4. Benhabib, Jess & Schmitt-Grohé, Stephanie & Uribe, Martín, 1999. "The Perils of Taylor Rules," CEPR Discussion Papers 2314, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  5. Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 2003. "Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability," Departmental Working Papers 200304, Rutgers University, Department of Economics. [Downloadable!]
    Other versions:
  6. Svensson, Lars, 1999. "Monetary Policy Issues for the Eurosystem," Seminar Papers 667, Stockholm University, Institute for International Economic Studies. [Downloadable!]
    Other versions:
  7. Orphanides, Athanasios, 1999. "The Quest for Prosperity Without Inflation," Working Paper Series 93, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
    Other versions:
  8. Cukierman, Alex & Lippi, Francesco, 2003. "Endogenous Monetary Policy with Unobserved Potential Output," CEPR Discussion Papers 3763, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  9. Björkstén, Nils & Syrjänen, Miika, 1999. "Divergences in the Euro Area: a Cause for Concern?," Research Discussion Papers 11/1999, Bank of Finland. [Downloadable!]
  10. Patrick Lünnemann & Abdelaziz Rouabah, 2003. "Règle de Taylor: estimation et interprétation pour la zone euro et pour le Luxembourg," BCL working papers 9, Central Bank of Luxembourg. [Downloadable!]
  11. Bennett T. McCallum, 2002. "Recent developments in monetary policy analysis: the roles of theory and evidence," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 67-96. [Downloadable!]
    Other versions:
  12. KAMGNA, Severin Yves & NGUENANG, Christian & TALABONG, Hervé & OULD, Isselmou, 2009. "Fonction de reaction de la banque centrale et credibilite de la politique monétaire: Cas de la BEAC
    [Central Bank reaction fonction and monetary policy credibility: The case of BEAC]    ," MPRA Paper 16557, University Library of Munich, Germany. [Downloadable!]
  13. Javier Hernandez & Allan Layton, 2002. "The Regional Appropriateness of Monetary Policy: An Application of Taylor’s Rule to Australian States and Territories," School of Economics and Finance Discussion Papers and Working Papers Series 115, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
  14. Carlo Altavilla & Luigi Landolfo, 2005. "Cross-country asymmetries in monetary policy transmission: evidence from EMU members," International Review of Applied Economics, Taylor and Francis Journals, vol. 19(1), pages 87-106, January. [Downloadable!] (restricted)
  15. Glenn D. Rudebusch & Lars E.O. Svensson, 1999. "Eurosystem Monetary Targeting: Lessons from U.S. Data," NBER Working Papers 7179, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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