Discretion versus Policy Rules in Practice.¶
Taylor, J. B. (1993). Discretion versus Policy Rules in Practice. Carnegie-Rochester Conference Series on Public Policy, 39, 195-214.
Cited by¶
2 citations across 2 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Higher Order Function
- In macroeconomic policy, a policy rule such as the Taylor rule specifies how the central bank should set its rate-setting rule, and inflation targeting is a meta-policy committing the bank to a class of responses.
This sourceIntroduces the Taylor rule — a policy rule specifying how the central bank sets its interest-rate-setting rule.
- In macroeconomic policy, a policy rule such as the Taylor rule specifies how the central bank should set its rate-setting rule, and inflation targeting is a meta-policy committing the bank to a class of responses.
- Stability
- Control stability moved into economic policy through the Taylor rule, which is structurally a feedback controller using interest-rate adjustment to stabilize inflation around a target, and the literature explicitly imports control-system stability concepts.
This sourceIntroduces the Taylor rule as a feedback controller stabilizing inflation around a target.
- Control stability moved into economic policy through the Taylor rule, which is structurally a feedback controller using interest-rate adjustment to stabilize inflation around a target, and the literature explicitly imports control-system stability concepts.
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