Evaluating alternative monetary policy rules

Journal of Monetary Economics

Volumn 38, Issue 2, 1996, Pages 173-193

  Fair, Ray C ^a   Howrey, E Philip ^b  

^a YALE UNIVERSITY   (United States)

^b UNIVERSITY OF MICHIGAN   (United States)

Author keywords

Monetary rules; Optimal fed behavior

Indexed keywords

EID: 0030268256     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-3932(96)01279-2     Document Type: Article

References (13)

1. Chow, G.C., 1981, Econometric analysis by control methods (Wiley, New York, NY).
2. Clark, T.E., 1994, Nominal GDP targeting rules: Can they stabilize the economy?, Federal Reserve Bank of Kansas City Economic Review 3, 11-25.
3. Croushore, D. and T. Stark, 1994, Evaluating McCallum's rule for monetary policy, Federal Reserve Bank of Philadelphia mimeo.
4. Fair, R.C., 1974, On the solution of optimal control problems as maximization problems, Annals of Economic and Social Measurement 3, 135-154.
5. Fair, R.C., 1994, Testing macroeconometric models (Harvard University Press, Cambridge, MA).
6. Feldstein, M., and J.H. Stock, 1993, The use of a monetary aggregate to target nominal GDP, NBER working paper no. 4304.
7. Hall, R.E., and N.G. Mankiw, 1993, Nominal income targeting, NBER working paper no. 4439.
8. Judd, J.P. and B. Motley, 1993, Using a nominal GDP rule to guide discretionary monetary policy, Federal Reserve Bank of San Francisco Economic Review 3, 3-11.
9. McCallum, B.T., 1988, Robustness properties of a rule for monetary policy, Carnegie-Rochester Conference Series on Public Policy 29, 173-204.
10. Taylor, J.B., 1979, Estimation and control of a macroeconomic model with rational expectations, Econometrica 47, 1267-1286.
11. Taylor, J.B., 1985, What would nominal GDP targeting do to the business cycle?, Carnegie-Rochester Conference Series on Public Policy 22, 61-84.
12. Thornton, S.R., 1995, Adaptive monetary policy rules utilizing either MZM or M2 and the effects of positive bias in money control errors, presented at the AEA Meetings, Washington, DC, January 1995.
13. Tobin, J., 1980, Stabilization policy ten years after, Brookings Papers on Economic Activity 1, 19-72.