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Legislating a Rule for Monetary Policy

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  • John B. Taylor

    (Stanford University)

Abstract

I discuss a proposal to legislate a rule for monetary policy. The proposal modernizes laws first passed in the late 1970s, but largely discarded in 2000. It would thereby restore reporting and accountability requirements for the instruments of monetary policy. It would limit but not eliminate discretion. The proposal provides a degree of control by the political authorities without interfering in the day-to-day operations of monetary policy.

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File URL: http://www-siepr.stanford.edu/repec/sip/10-032.pdf
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Bibliographic Info

Paper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 10-032.

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Date of creation: Jul 2011
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Handle: RePEc:sip:dpaper:10-032

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  1. Taylor, John B. & Williams, John C., 2010. "Simple and Robust Rules for Monetary Policy," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 15, pages 829-859 Elsevier.
  2. Andrew Levin & John B. Taylor, 2010. "Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation," NBER Working Papers 15630, National Bureau of Economic Research, Inc.
  3. Pier Francesco Asso & George A. Kahn & Robert Leeson, 2007. "The Taylor rule and the transformation of monetary policy," Research Working Paper RWP 07-11, Federal Reserve Bank of Kansas City.
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Cited by:
  1. John B. Taylor, 2013. "The Effectiveness of Central Bank Independence Versus Policy Rules," Discussion Papers 12-009, Stanford Institute for Economic Policy Research.

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