Monetary Policy Rules (National Bureau of Economic Research Studies in Income and Wealth)

This timely volume presents the latest thinking on the monetary policy rules and seeks to determine just what types of rules and policy guidelines function best. A unique cooperative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, this collection presents their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange. Monetary Policy Rules illustrates that simple policy rules are more robust and more efficient than complex rules with multiple variables. A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike. "This volume results from a unique cooperative research effort between nearly thirty monetary experts and policymakers from central banks and universities who evaluated different policy rules using a variety of techniques. Their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange, illustrate that simple policy rules are more robust and more efficient than complex rules with multiple variables."--BOOK JACKET. "A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike."--BOOK JACKET. Presents late-1990s thinking on monetary policy rules. The text seeks to determine which types of rules/policy guidelines function best. It presents research findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation and exchange. Interest Rate Rules In An Estimated Sticky Price Model / Julio J. Rotemberg And Michael Woodford ; Comment: Martin Feldstein. Edited By John B. Taylor. Includes Bibliographical References And Indexes. Papers based on the National Bureau of Economic Research Conference on Research in Business Cycles, held at Stanford University, 1998. Includes bibliographical references and indexes In a series of studies on monetary policy rules, McCallum (1988, 1990, 1993, 1995) has utilized and promoted a research strategy that emphasizes operationality and robustness.