Learning, Expectations Formation, and the Pitfalls of Optimal Control Monetary Policy - Taylor Conference 2007 - FRB Dallas

Friedman and Taylor on Monetary Policy Rules: A Comparison - Taylor conference 2007 - FRB Dallas

Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice - Taylor Conference 2007 - FRB Dallas

[To be added.] for helpful discussions; Mehmet Passaogullari for research assistance; the NSF for research support through a grant to the NBER; and the Kumho Visiting Professorship, Yale University, for providing the time to write this paper.

The Dual Nature of Forecast Targeting and Instrument Rules: A Comment on Michael Woodford’s “Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice” - 2007 Taylor conference - FRB Dallas

The Proposed Monetary Policy Research Program By forecast targeting Michael Woodford means a policy framework in which monetary policy makers choose their policy instruments so that the expected future values of certain target variables are related to each other in every future period. For example, the forecast of an optimally-chosen linear combination of the inflation rate and the GDP gap, or ...

Monetary Policy Rules: from Adam Smith to John Taylor - Taylor Conference 2007 - FRB Dallas

The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Kansas City or the Federal Reserve System. (1993a) suggested that the federal funds rate (r) should normatively (with qualifications) and could positively (at least in the previous 5 years) be explained by a simple equation:

Worldwide Macroeconomic Stability and Monetary Policy Rules - Taylor Conference 2007 - FRB Dallas

We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all econom...