The economic crisis of 2008 started one of the most heated debates about US fiscal policy in the past half century. With the federal funds rate close to zero—and output, inflation, and …
LEO Svensson - Journal of monetary economics, 1999 - Elsevier
The purpose of the paper is to survey and discuss inflation targeting in the context of monetary policy rules. The paper provides a general conceptual discussion of monetary …
The financial crisis that began in August 2007 has been the most severe of the post-World War II era and, very possibly--once one takes into account the global scope of the crisis, its …
K Rogoff - Journal of Economic Perspectives, 2017 - aeaweb.org
Recently, the key constraint for central banks is the zero lower bound on nominal interest rates. Central banks fear that if they push short-term policy interest rates too deeply negative …
In this paper, we use a small empirical model of the US. economy to examine the performance of policy rules that are consistent with a monetary policy regime of inflation …
D Reifschneider, JC Williams - Journal of Money, Credit and Banking, 2000 - JSTOR
The zero lower bound on nominal interest rates constrains the central bank's ability to stimulate the economy during downturns. We use the FRB/US model to quantify the effects …
JB Taylor - Journal of Monetary Economics, 1999 - Elsevier
This paper examines the implications of recent research on monetary policy rules for practical monetary policy making, with special emphasis on strategies for setting interest …
JB Taylor - Journal of economic Perspectives, 2000 - aeaweb.org
Recent changes in policy research and in policy-making call for a reassessment of countercyclical fiscal policy. Such a reassessment indicates that countercyclical fiscal policy …
This paper seeks to evaluate monetary policy rules that generalize the rule proposed by Taylor (1993). In particular, we consider rules in which the Fed sets the federal funds rate as …