The Taylor rule has undoubtedly influenced the debate about monetary policy over the last 20 years. But has it directly influenced monetary policy? According to a survey by Kahn (2012), the answer seems to be that it has. The transcripts from the Federal Open Market Committee meetings include several references to the rule.
The influence of the Taylor rule on US monetary policy
Pelin Ilbas, Øistein Røisland, Tommy Sveen, 13 February 2013
Misplaced concerns about central-bank independence
Marco Annunziata, 12 February 2013
Concerns are rising that central-bank independence is at risk, already curtailed by governments eager to control all other levers of growth. The Japanese government’s none-too-subtle strong-arming of the Bank of Japan is one of the most blatant examples (e.g. King 2013).
But the current debate on the risks to central-bank independence misses the point.
Is LTRO QE in disguise?
Jean Pisani-Ferry, Guntram Wolff, 3 May 2012
With the launching of the three-year longer-term refinancing operations (LTROs) in December 2011, the Eurosystem has entered new territory (see Wyplosz 2012).
Bad forecasters can be good policymakers
Thomas J. Sargent, Martin Ellison, 24 November 2009
The value of the Federal Reserve’s Open Market Committee (FOMC)1 has recently been questioned in a highly provocative paper by two professors at the University of California, Berkeley. The two professors are husband-and-wife team Christina and David Romer, who are amongst the most influential economists in the world today.
Fiscal dimensions of central banking: the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2
Willem Buiter, 25 March 2009
The Bank of England
Fiscal dimensions of central banking: The fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: Part 2
Willem Buiter, 24 March 2009
Why has there not been quantitative easing in the Eurozone? Good question.
Financial crisis resolution: It’s all about burden-sharing
Charles Wyplosz, 20 July 2008
An old and familiar debate is back. Should taxpayers bail out the US banking system, quite possibly the British and European ones as well?
There are two standard views on the multi-trillion dollar question of who pays for getting us out of the financial crisis
No relief for ECB’s status quo headache from rotation
Mika Widgrén, 25 February 2008
The most recent ECB Governing Council (GC) meeting on 7 February left the key ECB interest rates unchanged.
Federal Reserve policy actions in August 2007: frequently asked questions (updated)
Stephen Cecchetti, 15 August 2007
Editors’ note: This column updates the 13 August 2007 column on the same topic and includes a slightly revised version of the content of the earlier column.
The perils of inflation targeting
Axel Leijonhufvud, 25 June 2007
To control the price level, Patinkin demonstrated many years ago, you need control of one interest rate and one nominal asset for which the private sector cannot produce a close substitute. Although the theory did not say so, in practice it was obvious that this nominal stock had better not be very small.
- The case for 4% inflationBall
- The banking crisis as a giant carry trade gone wrongAcharya, Steffen
- Everything the IMF wanted to know about financial regulation and wasn’t afraid to askBair
- Rethinking macroeconomic policy: Getting granularBlanchard, Dell'Ariccia, Mauro
- Iceland’s post-Crisis economy: A myth or a miracle?Danielsson
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
Baldwin, Kawai, Wignaraja, 11 June 2013
Giavazzi, Portes, Weder di Mauro, Wyplosz
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí