The Taylor Rule and the Transformation of Monetary Policy

Overview

A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.
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Overview

A contributors' "who's who" from the academic and policy communities explain and provide perspectives on John Taylor's revolutionary thinking about monetary policy. They explore some of the literature that Taylor inspired and help us understand how the new ways of thinking that he pioneered have influenced actual policy here and abroad.
Read More Show Less

Editorial Reviews

From the Publisher
"This book explains the creation and application of the Taylor Rule, one of the most important and well-known rules of monetary policy. The volume includes chapters by Pier Francesco Asso, Ben Bernanke, Richard Fisher, Otmar Issing, George Kahn [...] These chapters make it very clear that the Taylor Rule is one of the most important monetary policy devices to come along in the last three decades." —Paul F. Gentle, eh.net
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Product Details

  • ISBN-13: 9780817914042
  • Publisher: Hoover Institution Press
  • Publication date: 5/31/2012
  • Series: HOOVER INST PRESS PUBLICATION Series
  • Edition description: 1st Edition
  • Pages: 368
  • Sales rank: 1,324,295
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.30 (d)

Meet the Author

Evan F. Koenig is vice president and senior policy adviser at the Federal Reserve Bank of Dallas and an adjunct professor at Southern Methodist University. Robert Leeson is a visiting professor of economics at Stanford University, a visiting fellow at the Hoover Institution, and an adjunct professor at Notre Dame Australia University. George Kahn is vice president and economist at the Federal Reserve Bank of Kansas City.
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Table of Contents

Preface by Richard W. Fisher
Introduction by Evan F. Koenig, Robert Leeson, and George A. Kahn

I. TAYLOR’S APPROACH TO MONETARY THEORY AND POLICY

1. Monetary Policy Rules: from Adam Smith to John Taylor

by Pier Francesco Asso, Robert Leeson

2. The Taylor Rule and the Practice of Central Banking

by George A. Kahn

3. A Comparison with Milton Friedman

by Edward Nelson

4. Two Basic Principles

by Robert E. Lucas

II. FROM THE GREAT MODERATION TO THE GREAT DEVIATION

5. The Great Moderation

by Ben S. Bernanke

6. The Great Deviation

by John B. Taylor

7. It’s Not So Simple

by Donald L. Kohn

III. NEW CHALLENGES IN THE DECADE AHEAD

8. Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice

by Michael Woodford

9. The Dual Nature of Forecast Targeting and Instrument Rules

by John B. Taylor

10. Evaluating Monetary Policy

by Lars E. O. Svensson

IV. TAYLOR’S INFLUENCE ON POLICYMAKING: FIRSTHAND ACCOUNTS

11. Overview

by Ben S. Bernanke

12. The View from Inside the Fed

by Janet Yellen

13. The View from Inside the European Central Bank

by Otmar Issing

14. The View from Central Banks in Emerging Markets

by Guillermo Ortiz

15. A View from the Financial Markets

by John P. Lipsky

APPENDIX
The Pursuit of Policy Rules: A Conversation between Robert Leeson and John B. Taylor
About the Contributing Authors
Index

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