Monetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras

Material TypeArticleLanguageEnglish
TitleMonetary Policy Rules Work and Discretion Doesn’t: A Tale of Two Eras Author(S)JOHN B TAYLOR (Author)
Abstract  This lecture examines monetary policy during the past three decades. It documents two contrasting eras: first a Rules-Based Era from 1985 to 2003 and second an Ad Hoc Era from 2003 to the present. During the Rules-Based Era, monetary policy, in broad terms, followed a predictable systemic approach, and economic performance was generally good ...Paginationp1017–1032
SubjectEconomicsDescriptorsEconomics
Journal TitleJournal of Money, Credit, and Banking  
Permanent Linksclick here