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Money Growth Monitoring and the Taylor Rule

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  • Lawrence J. Christiano
  • Massimo Rostagno

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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Bibliographic Info

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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