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Applying Academic Research on Monetary Policy Rules: An Exercise in Translational Economics

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  • Taylor, John B

Abstract

Recent progress in the practical application of research on monetary policy rules in the United States during the 1990s is examined. The paper focuses on how simple policy rules that describe how the central bank's interest rate responds to the economy have provided a useful framework for actual decision making. It is argued that the process by which economic research is put into practice--called transitional economies--is fascinating and worthy of careful study in general. Several recent examples from research on monetary policy rules are offered to show why. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Taylor, John B, 1998. "Applying Academic Research on Monetary Policy Rules: An Exercise in Translational Economics," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(0), pages 1-16, Supplemen.
    • Handle: RePEc:bla:manch2:v:66:y:1998:i:0:p:1-16
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    Cited by:

    1. Yu Hsing, 2005. "Short-Term Output Fluctuations in Poland: An Application of the Is-Mp-As Model," The American Economist, Sage Publications, vol. 49(2), pages 44-50, October.
    2. Yu Hsing, 2004. "Impacts of Macroeconomic Policies on Output in the Czech Republic: An Application of Romer's ISMP-IA Model," Prague Economic Papers, Prague University of Economics and Business, vol. 2004(4), pages 339-345.
    3. Yu Hsing, 2005. "Impacts of macroeconomic policies on the Latvian output and policy implications," Applied Economics Letters, Taylor & Francis Journals, vol. 12(8), pages 467-471.
    4. Jean-Bernard Chatelain & Kirsten Ralf, 2020. "How macroeconomists lost control of stabilization policy: towards dark ages," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 27(6), pages 938-982, November.
    5. Michael Woodford, 2012. "Forecast Targeting as a Monetary Policy Strategy - Policy Rules in Practice," Book Chapters, in: Evan F. Koenig & Robert Leeson & George A. Kahn (ed.), The Taylor Rule and the Transformation of Monetary Policy, chapter 9, Hoover Institution, Stanford University.
    6. Roberto S Mariano Delano & Delano P Villanueva, 2006. "Monetary policy approaches and implementation in Asia: the Philippines and Indonesia," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy in Asia: approaches and implementation, volume 31, pages 207-226, Bank for International Settlements.
    7. Simona Malovaná & Martin Hodula & Czech National Bank and Masaryk University in Brno, 2024. "Researching the Research: A Central Banking Edition," International Journal of Central Banking, International Journal of Central Banking, vol. 20(1), pages 263-323, February.
    8. repec:ebl:ecbull:v:15:y:2005:i:5:p:1-10 is not listed on IDEAS
    9. John B. Taylor, 2017. "Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy," NBER Working Papers 24149, National Bureau of Economic Research, Inc.
    10. Franz R. Hahn & Peter Mooslechner, 1999. "Zur Fundierung des Designs des Europäischen Zentralbanksystems," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(1), pages 49-60, January.
    11. Yu Hsing, 2004. "Estimating the Bank of Japan's monetary policy reaction function," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 169-183.
    12. Yu Hsing, 2005. "Application of the IS-MP-IA model to the German economy and policy implications," Economics Bulletin, AccessEcon, vol. 15(5), pages 1-10.
    13. Yu Hsing, 2004. "Estimating the Bank of Japan's monetary policy reaction function," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 169-183.
    14. Shesadri Banerjee, 2013. "Inflation Volatility and Activism of Monetary Policy," CEGAP Working Papers 2013_06, Durham University Business School.

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