Legislating a Rule for Monetary Policy
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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- 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.
- 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.
- John B. Taylor & John C. Williams, 2010.
"Simple and Robust Rules for Monetary Policy,"
NBER Working Papers
15908, National Bureau of Economic Research, Inc.
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