The Explanatory Power of Monetary Policy Rules
The Explanatory Power of Monetary Policy Rules
复制标题
货币政策规则的解释力
DOI：
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发表时间：
2007
期刊：
影响因子：
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通讯作者：
John B. Taylor
中科院分区：
文献类型：
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作者：
John B. Taylor
在过去的20年里，货币政策规则的使用已经成为分析和制定货币政策的普遍做法。本文追溯了这些规则的发展及其在国民经济分析、预测和稳定中的应用。特别是，规则提供了对货币政策无效以及有效的时代的洞察，例如持续的“大稳健”。本文强调了规则的“科学”贡献，包括它们对住房建设和汇率波动的洞察，以及对利率期限结构的洞察。
Over the past 20 years, the use of monetary policy rules has become pervasive in analyzing and prescribing monetary policy. This paper traces the development of such rules and their use in the analysis, prediction, and stabilization of national economies. In particular, rules provide insight into eras in which monetary policy was not effective as well as when it was, such as the persistence of the ongoing “Great Moderation.” The paper stresses the “scientific” contributions of rules, including their insight into fluctuations of housing construction and exchange rates, as well as into the term structure of interest rates.