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Measuring the Taylor rule's performance

Author

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  • Adriana Fernandez
  • Alex Nikolsko-Rzhevskyy

Abstract

Using a recently developed econometric technique to determine how the original Taylor rule and subsequent variations perform using different measures of inflation, output and unemployment. We found that the rule remains relevant today, despite the changes wrought by globalization, financial market innovations and technological advances.

Suggested Citation

  • Adriana Fernandez & Alex Nikolsko-Rzhevskyy, 2007. "Measuring the Taylor rule's performance," Economic Letter, Federal Reserve Bank of Dallas, vol. 2(jun).
    • Handle: RePEc:fip:feddel:y:2007:i:jun:n:v.2no.6
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    Cited by:

    1. Orlowski, Lucjan T., 2010. "Monetary policy rules for convergence to the Euro," Economic Systems, Elsevier, vol. 34(2), pages 148-159, June.
    2. repec:zbw:bofrdp:2009_011 is not listed on IDEAS
    3. Lee, Jim & Crowley, Patrick M., 2009. "Evaluating the stresses from ECB monetary policy in the euro area," Research Discussion Papers 11/2009, Bank of Finland.
    4. Nikolsko-Rzhevskyy, Alex, 2008. "Monetary Policy Evaluation in Real Time: Forward-Looking Taylor Rules Without Forward-Looking Data," MPRA Paper 11352, University Library of Munich, Germany.
    5. Lucjan T. Orlowski, 2017. "Sensitivity of Interest Rates to Inflation and Exchange Rate in Poland: Implications for Direct Inflation Targeting," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(4), pages 545-560, December.

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