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Money Growth Monitoring and the Taylor Rule

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Lawrence J. Christiano
Massimo Rostagno

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Abstract

Using a series of examples, we review the various ways in which a monetary policy characterized by the Taylor rule can inject volatility into the economy. In the examples, a particular modification to the Taylor rule can reduce or even entirely eliminate the problems. Under the modified policy, the central bank monitors the money growth rate and commits to abandoning the Taylor rule in favor of a money growth rule in case money growth passes outside a particular monitoring range.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8539.

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Date of creation: Oct 2001
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Handle: RePEc:nbr:nberwo:8539

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E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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This page was last updated on 2009-11-25.

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