The DOI matches its Crossref record; 10 of the 10 references it cites were found in a registry or an index.
Taylor’s Rule and the Fed
Abstract
This chapter estimates a simple model of the Federal Reserve&s;s "reaction function"—that is, the relationship between economic developments and the Fed&s;s response to them. It provides an estimation of reaction functions for three separate empirical subsamples delineated by the identity of the Fed Chairman. Specifically, the chapter consider the terms of Arthur Burns (1970.Q1-1978.Q1), Paul Volcker (1979.Q3-1987.Q2), and Alan Greenspan (1987.Q3-present). The organizing principle for the investigation is the Taylor rule, which is used as a rough gauge for characterizing and evaluating the broad differences in the relative weights given to monetary policy goal variables between periods. The chapter looks at several issues in estimating a reaction function based on the Taylor rule, including the specification of dynamics, the equilibrium real rate, the inflation target, and the output gap.
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Cites
Discretion versus policy rules in practice
Taylor, J. B. (1993) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(93)90009-l · Cited by 9,065
The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis
Perron, P. (1989) · Econometrica · doi:10.2307/1913712 · Cited by 7,732
Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
Clarida, R., Gali, J., & Gertler, M. (2000) · Quarterly Journal of Economics · doi:10.1162/003355300554692 · Cited by 4,625
The federal funds rate and the channels of monetary transmissionPreprint
Bernanke, B., & Blinder, A. S. (1989) · RePEc: Research Papers in Economics · Cited by 2,833
Monetary Policy Rules Based on Real-Time Data
Athanasios Orphanides, A. (2001) · American Economic Review · doi:10.1257/aer.91.4.964 · Cited by 1,315
The Time-Varying NAIRU and its Implications for Economic Policy
Gordon, R. J. (1997) · Journal of Economic Perspectives · doi:10.1257/jep.11.1.11 · Cited by 827
Is the Price Level Tied to the M2 Monetary Aggregate in the Long Run
Hallman, J. J., Porter, R. D., & Small, D. H. (2007) · American Economic Review · Cited by 351
Simple Rules for Monetary Policy
Williams, J. C. (1999) · Finance and Economics Discussion Series · doi:10.17016/feds.1999.12 · Cited by 219
The Uncertain Unit Root in Real GNP
RUDEBUSCH, G. D. (2020) · Business Cycles · doi:10.2307/j.ctv15r57n1.13 · Cited by 168
Self-citationMeltzer, A. H. (1987) · Economic Inquiry · doi:10.1111/j.1465-7295.1987.tb00718.x · Cited by 119
Cited by
Why Inflation Rose and Fell: Policy-Makers' Beliefs and U. S. Postwar Stabilization Policy*
Primiceri, G. E. (2006) · Quarterly Journal of Economics · doi:10.1162/qjec.121.3.867 · Cited by 285
Optimal Inflation-Targeting Rules
Giannoni, M. P., & Woodford, M. (2004) · The Inflation-Targeting Debate · doi:10.7208/chicago/9780226044736.003.0004 · Cited by 253
Metadata
- Authors
- Judd, J. P., & Rudebusch, G. D.
- Venue
- Handbook of Monetary Policy
- Publisher
- Routledge
- Published
- 2020-04-30
- Pages
- 961-980
- OpenAlex
- W1521653305
- Cited by
- 397
- References
- 10
- FWCI
- 25.59
- Type
- book chapter
- Language
- en
- Open access
- closed
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