메뉴 건너뛰기




Volumn 41, Issue 2, 2003, Pages 426-477

What is wrong with Taylor rules? Using judgment in monetary policy through targeting rules

Author keywords

[No Author keywords available]

Indexed keywords


EID: 0042225083     PISSN: 00220515     EISSN: None     Source Type: Journal    
DOI: 10.1257/jel.41.2.426     Document Type: Review
Times cited : (402)

References (120)
  • 1
    • 0000510879 scopus 로고
    • Credible disinflation with staggered price setting
    • Ball, Laurence. 1994. "Credible Disinflation with Staggered Price Setting," Amer. Econ. Rev. 84, pp. 282-89.
    • (1994) Amer. Econ. Rev. , vol.84 , pp. 282-289
    • Ball, L.1
  • 2
    • 0003121816 scopus 로고    scopus 로고
    • Efficient rules for monetary policy
    • _. 1999. "Efficient Rules for Monetary Policy," Int. Finance 2:2, pp. 63-64.
    • (1999) Int. Finance , vol.2 , Issue.2 , pp. 63-64
  • 3
    • 84983958104 scopus 로고
    • A positive theory of monetary policy in a natural rate model
    • Barro, Robert and David Gordon. 1983. "A Positive Theory of Monetary Policy in a Natural Rate Model," J Polit. Econ. 91, pp. 589-610.
    • (1983) J Polit. Econ. , vol.91 , pp. 589-610
    • Barro, R.1    Gordon, D.2
  • 4
    • 0001438884 scopus 로고    scopus 로고
    • Forward-looking rules for monetary policy
    • John B. Taylor, ed. Chicago; Chicago U. Press
    • Batini, Nicoletta and Andrew G. Haldane. 1999. "Forward-Looking Rules for Monetary Policy," in Monetary Policy Rules, John B. Taylor, ed. Chicago; Chicago U. Press.
    • (1999) Monetary Policy Rules
    • Batini, N.1    Haldane, A.G.2
  • 5
    • 0002584850 scopus 로고    scopus 로고
    • Monetary policy and multiple equilibria
    • Benhabib, Jess; Stephanie Schmitt-Grohé and Martin Uribe. 2001. "Monetary Policy and Multiple Equilibria," Amer. Econ. Rev. 91, pp. 167-86.
    • (2001) Amer. Econ. Rev. , vol.91 , pp. 167-186
    • Benhabib, J.1    Schmitt-Grohé, S.2    Uribe, M.3
  • 6
    • 2542535394 scopus 로고    scopus 로고
    • Inflation forecast targeting: The swedish experience
    • Berg, Claes. 1999. "Inflation Forecast Targeting: The Swedish Experience," Sveriges Riksbank Econ. Rev. 3/1999, pp. 40-66.
    • (1999) Sveriges Riksbank Econ. Rev. , vol.3 , Issue.1999 , pp. 40-66
    • Berg, C.1
  • 8
    • 0002843353 scopus 로고    scopus 로고
    • Inflation targeting: A new framework for monetary policy?
    • Bernanke, Ben S. and Frederic S. Mishkin. 1997. " Inflation Targeting: A New Framework for Monetary Policy?" J. Econ. Perspect. 11, pp. 97-116.
    • (1997) J. Econ. Perspect. , vol.11 , pp. 97-116
    • Bernanke, B.S.1    Mishkin, F.S.2
  • 9
    • 0003243511 scopus 로고    scopus 로고
    • The forecasting and policy system: The core model
    • Reserve Bank New Zealand, Wellington
    • Black, Richard; Vincenzo Cassino, Aaron Drew, Eric Hansen, Benjamin Hunt, David Rose and Alasdair Scott. 1997, "The Forecasting and Policy System: The Core Model," research paper 43, Reserve Bank New Zealand, Wellington.
    • (1997) Research Paper , vol.43
    • Black, R.1    Cassino, V.2    Drew, A.3    Hansen, E.4    Hunt, B.5    Rose, D.6    Scott, A.7
  • 14
    • 0040925808 scopus 로고    scopus 로고
    • The inflation report projections: Understanding the fan chart
    • Britton, Erik; Paul Fisher and John Whitley. 1998. "The Inflation Report Projections: Understanding the Fan Chart," Bank Engl. Quart. Bull. 38, pp. 30-37.
    • (1998) Bank Engl. Quart. Bull. , vol.38 , pp. 30-37
    • Britton, E.1    Fisher, P.2    Whitley, J.3
  • 16
    • 0005160559 scopus 로고    scopus 로고
    • Economic policy, with and without forecasts
    • Budd, Alan. 1998. "Economic Policy, With and Without Forecasts," Bank Engl. Quart. Bull. 38, pp. 379-84.
    • (1998) Bank Engl. Quart. Bull. , vol.38 , pp. 379-384
    • Budd, A.1
  • 17
    • 48749143178 scopus 로고
    • Staggered prices in a utility-maximizing framework
    • Calvo, Guillermo A. 1983. "Staggered Prices in a Utility-Maximizing Framework," J. Monet. Econ. 12, pp. 383-98.
    • (1983) J. Monet. Econ. , vol.12 , pp. 383-398
    • Calvo, G.A.1
  • 19
    • 0009158504 scopus 로고    scopus 로고
    • Central bank policy rules: Conceptual issues and practical considerations
    • Helmut Wagner, ed. Heidelberg: Physica-Verlag
    • Cecchetti, Stephen G. 1998. "Central Bank Policy Rules: Conceptual Issues and Practical Considerations," in Current Issues in Monetary Economics. Helmut Wagner, ed. Heidelberg: Physica-Verlag, pp. 121-40.
    • (1998) Current Issues in Monetary Economics , pp. 121-140
    • Cecchetti, S.G.1
  • 20
    • 0034450456 scopus 로고    scopus 로고
    • Making monetary policy: Objectives and rules
    • Cecchetti, Stephen G. 2000. "Making Monetary Policy: Objectives and Rules," Oxford Rev. Econ. Pol. 16:4, pp. 43-59.
    • (2000) Oxford Rev. Econ. Pol. , vol.16 , Issue.4 , pp. 43-59
    • Cecchetti, S.G.1
  • 22
    • 84980103264 scopus 로고
    • A further analysis of the objectives of American monetary policy
    • Christian, James W. 1968. "A Further Analysis of the Objectives of American Monetary Policy," J. Finance 23, pp. 465-77.
    • (1968) J. Finance , vol.23 , pp. 465-477
    • Christian, J.W.1
  • 23
    • 0010631558 scopus 로고    scopus 로고
    • Taylor rules in a limited participation model
    • Christiano, Lawrence J. and Christopher J. Gust. 1999. "Taylor Rules in a Limited Participation Model," NBER work. paper 7017.
    • (1999) NBER Work. Paper , vol.7017
    • Christiano, L.J.1    Gust, C.J.2
  • 24
    • 0031670190 scopus 로고    scopus 로고
    • Monetary policy rules in practice: Some international evidence
    • Clarida, Richard; Jordi Galt and Mark Gertler. 1998. "Monetary Policy Rules in Practice: Some International Evidence," Europ. Econ. Rev. 42, pp. 1033-67.
    • (1998) Europ. Econ. Rev. , vol.42 , pp. 1033-1067
    • Clarida, R.1    Galt, J.2    Gertler, M.3
  • 25
    • 0040364531 scopus 로고    scopus 로고
    • The science of monetary policy:A new keynesian perspective
    • _. 1999. "The Science of Monetary Policy: A New Keynesian Perspective," J. Econ. Lit. 37, pp. 1661-707.
    • (1999) J. Econ. Lit. , vol.37 , pp. 1661-1707
  • 26
    • 0003594644 scopus 로고    scopus 로고
    • Bank of Canada's new quarterly projection model. Part 3, the dynamic model: QPM
    • Bank of Canada, Ottawa
    • Coletti, Donald; Benjamin Hunt, David Rose and Robert Tetlow. 1996. "Bank of Canada's New Quarterly Projection Model. Part 3, The Dynamic Model: QPM," Technical Report 75, Bank of Canada, Ottawa.
    • (1996) Technical Report , vol.75
    • Coletti, D.1    Hunt, B.2    Rose, D.3    Tetlow, R.4
  • 28
    • 0009319883 scopus 로고
    • An objective analysis of the objectives of American monetary policy, 1952-61
    • Deane Carson, ed. Homewood: Richard D. Irwin
    • Dewald, William G. and Harry G. Johnson. 1963. "An Objective Analysis of the Objectives of American Monetary Policy, 1952-61," in Banking and Monetary Studies. Deane Carson, ed. Homewood: Richard D. Irwin, pp. 171-89.
    • (1963) Banking and Monetary Studies , pp. 171-189
    • Dewald, W.G.1    Johnson, H.G.2
  • 29
    • 0006268369 scopus 로고    scopus 로고
    • Credibility and transparency: Monetary policy with unobservable goals
    • forthcoming
    • Faust, Jon W. and Lars E.O. Svensson. 2000. "Credibility and Transparency: Monetary Policy with Unobservable Goals," Int. Econ. Rev. forthcoming.
    • (2000) Int. Econ. Rev.
    • Faust, J.W.1    Svensson, L.E.O.2
  • 30
    • 0004270499 scopus 로고    scopus 로고
    • Kansas City: Fed. Reserve Bank Kansas City
    • Federal Reserve Bank of Kansas City. 1996. Achieving Price Stability. Kansas City: Fed. Reserve Bank Kansas City.
    • (1996) Achieving Price Stability
  • 31
    • 0000490283 scopus 로고    scopus 로고
    • Kansas City: Fed. Reserve Bank Kansas City
    • -. 1999. New Challenges for Monetary Policy. Kansas City: Fed. Reserve Bank Kansas City.
    • (1999) New Challenges for Monetary Policy
  • 32
    • 8644225179 scopus 로고    scopus 로고
    • Kansas City: Fed. Reserve Bank Kansas City, forthcoming
    • _. 2002. Rethinking Stabilization Policy. Kansas City: Fed. Reserve Bank Kansas City, forthcoming.
    • (2002) Rethinking Stabilization Policy
  • 33
    • 2542539908 scopus 로고
    • FOMC Meeting Jan.31-Feb. 1
    • Federal Reserve Board. 1995. Federal Open Market Committee Transcripts, FOMC Meeting Jan.31-Feb. 1. www.federalreserve.gov/fomc/transcripts.
    • (1995) Federal Open Market Committee Transcripts
  • 35
    • 0004144705 scopus 로고    scopus 로고
    • The taylor rule and average interest rates in the EMU-11 area: A note
    • Bank for International Settlements
    • Gerlach, Stefan and Gert Schnabel. 1998. "The Taylor Rule and Average Interest Rates in the EMU-11 Area: A Note," work. paper, Bank for International Settlements.
    • (1998) Work. Paper
    • Gerlach, S.1    Schnabel, G.2
  • 36
    • 2542517044 scopus 로고    scopus 로고
    • Optimal interest-rates rules in a forward-looking model, and inflation stabilization vs price-level stabilization
    • Fed. Reserve Bank New York
    • Giannoni, Marc P. 2000. "Optimal Interest-Rates Rules in a Forward-Looking Model, and Inflation Stabilization vs Price-Level Stabilization," work. paper, Fed. Reserve Bank New York.
    • (2000) Work. Paper
    • Giannoni, M.P.1
  • 37
    • 0042306275 scopus 로고    scopus 로고
    • Optimal interest-rate rules: I. General theory
    • Giannoni, Marc P. and Michael Woodford. 2002a. "Optimal Interest-Rate Rules: I. General Theory," work. paper.
    • (2002) Work. Paper
    • Giannoni, M.P.1    Woodford, M.2
  • 38
    • 2542591760 scopus 로고    scopus 로고
    • Optimal interest-rate rules: II. Applications
    • _. 2002b. "Optimal Interest-Rate Rules: II. Applications," work. paper.
    • (2002) Work. Paper
  • 39
    • 24944528070 scopus 로고    scopus 로고
    • The inflation forecast
    • London School Econ
    • Goodhart, Charles A.E. 2000. "The Inflation Forecast," work. paper, London School Econ.
    • (2000) Work. Paper
    • Goodhart, C.A.E.1
  • 40
    • 2542599338 scopus 로고
    • Discussion
    • Forrest Capie, Charles Goodhart, Stanley Fischer and Norbert Schnadt, eds. Cambridge: Cambridge U. Press
    • Greenspan, Alan. 1994. "Discussion," in The Future of Central Banking. Forrest Capie, Charles Goodhart, Stanley Fischer and Norbert Schnadt, eds. Cambridge: Cambridge U. Press.
    • (1994) The Future of Central Banking
    • Greenspan, A.1
  • 41
    • 2542527827 scopus 로고    scopus 로고
    • Alternative representation of discounted robust linear quadratic control
    • Stanford U.
    • Hansen, Lars Peter and Thomas J. Sargent. 1998. "Alternative Representation of Discounted Robust Linear Quadratic Control," work. paper, Stanford U.
    • (1998) Work. Paper
    • Hansen, L.P.1    Sargent, T.J.2
  • 43
    • 0000776405 scopus 로고
    • A comparison of some basic monetary policy regimes for open economies: Implications of different degrees of instrument adjustment and wage persistence
    • Henderson, Dale W and Warwick J. McKibbin. 1993. "A Comparison of Some Basic Monetary Policy Regimes for Open Economies: Implications of Different Degrees of Instrument Adjustment and Wage Persistence," Carnegie-Rochester Conf. Ser. Public Pol. 39, pp. 221-317.
    • (1993) Carnegie-rochester Conf. Ser. Public Pol. , vol.39 , pp. 221-317
    • Henderson, D.W.1    McKibbin, W.J.2
  • 44
    • 0002617897 scopus 로고    scopus 로고
    • The Riksbank's inflation target - Clarification and evaluation
    • Heikensten, Lars. 1999. "The Riksbank's Inflation Target - Clarification and Evaluation," Sveriges Riksbank Quart. Rev. 1, pp. 5-17.
    • (1999) Sveriges Riksbank Quart. Rev. , vol.1 , pp. 5-17
    • Heikensten, L.1
  • 45
    • 0001830761 scopus 로고    scopus 로고
    • Inflation targeting and swedish monetary policy-experience and problems
    • Heikensten, Lars and Anders Vredin. 1998. "Inflation Targeting and Swedish Monetary Policy-Experience and Problems," Sveriges Riksbank Quart. Rev. 4, pp. 5-33.
    • (1998) Sveriges Riksbank Quart. Rev. , vol.4 , pp. 5-33
    • Heikensten, L.1    Vredin, A.2
  • 46
    • 2442608211 scopus 로고    scopus 로고
    • The taylor rule: Is it a useful guide to understanding monetary policy?
    • Hetzet, Robert L. 2000. "The Taylor Rule: Is It a Useful Guide to Understanding Monetary Policy?" Fed. Reserve Bank Richmond Econ. Quart. 86:2, pp. 1-33.
    • (2000) Fed. Reserve Bank Richmond Econ. Quart. , vol.86 , Issue.2 , pp. 1-33
    • Hetzet, R.L.1
  • 47
    • 2542625307 scopus 로고    scopus 로고
    • Forecast-based monetary policy in sweden 1992-1998: A view from within
    • Sveriges Riksbank
    • Jansson, Per and Anders Vredin. 2000. "Forecast-Based Monetary Policy in Sweden 1992-1998: A View from Within," work. paper, Sveriges Riksbank.
    • (2000) Work. Paper
    • Jansson, P.1    Vredin, A.2
  • 49
    • 84979390146 scopus 로고
    • Monetary policy in the UK
    • King, Mervyn A. 1994. "Monetary Policy in the UK," Fiscal Studies 15:3, pp. 109-28.
    • (1994) Fiscal Studies , vol.15 , Issue.3 , pp. 109-128
    • King, M.A.1
  • 50
    • 0001366635 scopus 로고    scopus 로고
    • The inflation target five years on
    • _. 1997. "The Inflation Target Five Years On," Bank Engl. Quart. Bull. 37:4, pp. 434-42.
    • (1997) Bank Engl. Quart. Bull. , vol.37 , Issue.4 , pp. 434-442
  • 51
    • 0003151894 scopus 로고    scopus 로고
    • Challenges for monetary policy: New old
    • Kansas City: Fed. Reserve Bank Kansas City
    • _. 1999. "Challenges for Monetary Policy: New and Old," in New Challenges for Monetary Policy, Kansas City: Fed. Reserve Bank Kansas City, pp. 11-57.
    • (1999) New Challenges for Monetary Policy , pp. 11-57
  • 52
    • 0012165444 scopus 로고    scopus 로고
    • Report to the non-executive directors of the court 01 the bank of england on monetary policy processes and the work of monetary analysis
    • Kohn, Donald L. 2000. "Report to the Non-Executive Directors of the Court 01 the Bank of England on Monetary Policy Processes and the Work of Monetary Analysis," Fed. Reserve Board, Oct. 18. Reprinted in Bank Engl. Quart. Bull. 41, pp. 35-49.
    • (2000) Fed. Reserve Board, Oct. 18. Reprinted in Bank Engl. Quart. Bull. , vol.41 , pp. 35-49
    • Kohn, D.L.1
  • 53
    • 0010596721 scopus 로고    scopus 로고
    • How useful are taylor rules for monetary policy?
    • Kozicki, Sharon. 1999. "How Useful Are Taylor Rules for Monetary Policy?" Fed. Reserve Bank Kansas City Econ. Rev. 1999:2, pp. 5-33.
    • (1999) Fed. Reserve Bank Kansas City Econ. Rev. , vol.1999 , Issue.2 , pp. 5-33
    • Kozicki, S.1
  • 54
    • 0000643498 scopus 로고
    • Rules rather than discretion: The inconsistency of optimal plans
    • Kydland, Finn and Edward Prescott. 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," J. Polit. Econ. 85, pp. 473-90.
    • (1977) J. Polit. Econ. , vol.85 , pp. 473-490
    • Kydland, F.1    Prescott, E.2
  • 55
    • 2542510896 scopus 로고    scopus 로고
    • Identification and forecasting: Joint inputs to policy analysis
    • Indiana U.
    • Leeper, Eric M. and Tao Zha. 1999. "Identification and Forecasting: Joint Inputs to Policy Analysis," work. Paper, Indiana U.
    • (1999) Work. Paper
    • Leeper, E.M.1    Zha, T.2
  • 56
    • 2542614582 scopus 로고    scopus 로고
    • Targeting inflation by constant-interest-rate forecasts
    • Norges Bank
    • Leitemo, Kai. 2000, Targeting Inflation by Constant-Interest-Rate Forecasts," work. paper, Norges Bank.
    • (2000) Work. Paper
    • Leitemo, K.1
  • 57
    • 0000695088 scopus 로고    scopus 로고
    • Robustness of simple monetary policy rules under model uncertainty
    • John B. Taylor, ed. Chicago: Chicago U. Press
    • Levin, Andrew; Volker Wieland and John C. Williams. 1999. "Robustness of Simple Monetary Policy Rules under Model Uncertainty," in Monetary Policy Rules. John B. Taylor, ed. Chicago: Chicago U. Press.
    • (1999) Monetary Policy Rules
    • Levin, A.1    Wieland, V.2    Williams, J.C.3
  • 58
    • 2542631313 scopus 로고    scopus 로고
    • The performance of forecast-based monetary policy rules
    • Fed. Reserve Board
    • -. 2001, "The Performance of Forecast-Based Monetary Policy Rules," work. paper, Fed. Reserve Board.
    • (2001) Work. Paper
  • 61
    • 20644443898 scopus 로고    scopus 로고
    • The inexorable and mysterious tradeoff between inflation and unemployment
    • Mankiw, N. Gregory. 2001. "The Inexorable and Mysterious Tradeoff between Inflation and Unemployment," Econ. J. 111, pp. 45-61.
    • (2001) Econ. J. , vol.111 , pp. 45-61
    • Mankiw, N.G.1
  • 62
    • 0003847454 scopus 로고    scopus 로고
    • Recursive contracts
    • Universitat Pompeu Fabra, Barcelona
    • Marcet, Albert and Ramon Marimon. 1999. "Recursive Contracts," work. paper, Universitat Pompeu Fabra, Barcelona.
    • (1999) Work. Paper
    • Marcet, A.1    Marimon, R.2
  • 63
    • 45549113756 scopus 로고
    • Robustness properties of a rule for monetary policy
    • McCallum, Bennett T. 1988. "Robustness Properties of a Rule for Monetary Policy," Carnegie-Rochester Conf. Ser. Public Pol. 29, pp. 173-204.
    • (1988) Carnegie-rochester Conf. Ser. Public Pol. , vol.29 , pp. 173-204
    • McCallum, B.T.1
  • 64
    • 0031161360 scopus 로고    scopus 로고
    • Crucial issues concerning central bank independence
    • _. 1997. "Crucial Issues Concerning Central Bank Independence," J. Monet. Econ. 39, pp. 99-112.
    • (1997) J. Monet. Econ. , vol.39 , pp. 99-112
  • 65
    • 0041090165 scopus 로고    scopus 로고
    • Issues in the design of monetary policy rules
    • John B. Taylor and Michael Woodford, eds. Amsterdam: North-Holland
    • _. 1999. "Issues in the Design of Monetary Policy Rules," in Handbook of Macroeconomics. John B. Taylor and Michael Woodford, eds. Amsterdam: North-Holland.
    • (1999) Handbook of Macroeconomics
  • 66
    • 0039772293 scopus 로고    scopus 로고
    • The present and future of monetary policy rules
    • _. 2000 "The Present and Future of Monetary Policy Rules," Int. Finance 3, pp. 273-86.
    • (2000) Int. Finance , vol.3 , pp. 273-286
  • 67
    • 0003414942 scopus 로고    scopus 로고
    • Timeless perspective vs. discretionary monetary policy in forward-looking models
    • Carnegie-Mellon U.
    • McCallum, Bennett T. and Edward Nelson. 2000 "Timeless Perspective vs. Discretionary Monetary Policy in Forward-Looking Models," work. paper, Carnegie-Mellon U.
    • (2000) Work. Paper
    • McCallum, B.T.1    Nelson, E.2
  • 68
    • 0002122075 scopus 로고
    • Limits of short-run stabilization policy
    • Meltzer, Allan H. 1987. "Limits of Short-Run Stabilization Policy," Econ. Inquiry 25, pp. 1-13.
    • (1987) Econ. Inquiry , vol.25 , pp. 1-13
    • Meltzer, A.H.1
  • 70
    • 0009922377 scopus 로고    scopus 로고
    • Robust monetary policy under model uncertainty in a small model of the U.S. economy
    • Onatski, Alexei and James H. Stock. 2000. "Robust Monetary Policy under Model Uncertainty in a Small Model of the U.S. Economy," NBER work. paper 7490.
    • (2000) NBER Work. Paper , vol.7490
    • Onatski, A.1    Stock, J.H.2
  • 71
    • 2542640186 scopus 로고    scopus 로고
    • Uncertainty and the taylor rule in a simple model of the Euro-area economy
    • Europ. Central Bank
    • Peersman, Gert and Frank Smets. 1998, "Uncertainty and the Taylor Rule in a Simple Model of the Euro-Area Economy," work. paper, Europ. Central Bank.
    • (1998) Work. Paper
    • Peersman, G.1    Smets, F.2
  • 74
    • 84947586303 scopus 로고
    • The optimal degree of commitment to an intermediate monetary target
    • Rogoff, Kenneth. 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," Quart. J. Econ. 100, pp. 1169-89.
    • (1985) Quart. J. Econ. , vol.100 , pp. 1169-1189
    • Rogoff, K.1
  • 75
    • 0345982186 scopus 로고    scopus 로고
    • An.optimization-based econometric framework for the evaluation of monetary.policy
    • Rotemberg, Julio J. and Michael Woodford. 1997. "An.Optimization- Based Econometric Framework for the Evaluation of Monetary.Policy," NBER Macroeconomics Annual 1997, pp. 297-346.
    • (1997) NBER Macroeconomics Annual , vol.1997 , pp. 297-346
    • Rotemberg, J.J.1    Woodford, M.2
  • 76
    • 0036250440 scopus 로고    scopus 로고
    • Assessing.nominal income rules for monetary policy with model and data uncertainty
    • Rudebusch, Glenn D. 2002a. "Assessing.Nominal Income Rules for Monetary Policy with Model and Data Uncertainty," Econ. J. 112, pp. 402-32.
    • (2002) Econ. J. , vol.112 , pp. 402-432
    • Rudebusch, G.D.1
  • 77
    • 0036742601 scopus 로고    scopus 로고
    • Term structure evidence on interest rate smoothing and monetary policy inertia
    • Rudebusch, Glenn D. 2002b. "Term Structure Evidence on Interest Rate Smoothing and Monetary Policy Inertia," J. Monet. Econ. 49, pp. 1161-87.
    • (2002) J. Monet. Econ. , vol.49 , pp. 1161-1187
    • Rudebusch, G.D.1
  • 78
    • 0001813732 scopus 로고    scopus 로고
    • Policy rules for inflation targeting
    • John B. Taylor, ed. Chicago: Chicago U. Press
    • Rudebusch, Glenn D. and Lars E.O. Svensson. 1999. "Policy Rules for Inflation Targeting," in Monetary Policy Rules. John B. Taylor, ed. Chicago: Chicago U. Press, pp. 203-46.
    • (1999) Monetary Policy Rules , pp. 203-246
    • Rudebusch, G.D.1    Svensson, L.E.O.2
  • 79
    • 0012184089 scopus 로고    scopus 로고
    • Interest-rate smoothing and optimal monetary policy: A review of recent empirical evidence
    • Fed. Reserve Board
    • Sack, Brian and Volker Wieland. 1999. "Interest-Rate Smoothing and Optimal Monetary Policy: A Review of Recent Empirical Evidence," work. paper, Fed. Reserve Board.
    • (1999) Work. Paper
    • Sack, B.1    Wieland, V.2
  • 80
    • 0000997472 scopus 로고
    • Macroeconomics and reality
    • Sims, Christopher A. 1980, "Macroeconomics and Reality," Econometrica 48, pp. 1-48.
    • (1980) Econometrica , vol.48 , pp. 1-48
    • Sims, C.A.1
  • 81
    • 2542573392 scopus 로고    scopus 로고
    • A review of monetary policy rules
    • _. 2001. "A Review of Monetary Policy Rules," J. Econ. Lit. 39, pp. 562-66.
    • (2001) J. Econ. Lit. , vol.39 , pp. 562-566
  • 82
    • 0003445038 scopus 로고    scopus 로고
    • What horizon for price stability
    • Smets, Frank. 2000. "What Horizon for Price Stability," ECB work. paper 24.
    • (2000) ECB Work. Paper , vol.24
    • Smets, F.1
  • 83
    • 0344223241 scopus 로고    scopus 로고
    • Solution and estimation of RE macromodels with optimal policy
    • Söderlind, Paul. 1999. "Solution and Estimation of RE Macromodels with Optimal Policy," Europ. Econ. Rev. 43, pp. 813-23.
    • (1999) Europ. Econ. Rev. , vol.43 , pp. 813-823
    • Söderlind, P.1
  • 84
    • 84963071606 scopus 로고
    • Myopia and inconsistency in dynamic utility maximization
    • Strotz, Robert H. 1955-56. "Myopia and Inconsistency in Dynamic Utility Maximization," Rev. Econ. Stud. 23, pp. 165-80.
    • (1955) Rev. Econ. Stud. , vol.23 , pp. 165-180
    • Strotz, R.H.1
  • 85
    • 0000529574 scopus 로고    scopus 로고
    • Inflation forecast targeting: Implementing and monitoring inflation targets
    • Svensson, Lars E.O. 1997a. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," Europ. Econ. Rev. 41, pp. 1111-46.
    • (1997) Europ. Econ. Rev. , vol.41 , pp. 1111-1116
    • Svensson, L.E.O.1
  • 86
    • 0002635004 scopus 로고    scopus 로고
    • Optimal inflation targets, 'Conservative' central banks, and linear inflation contracts
    • _. 1997b. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," Amer. Econ. Rev. 87, pp. 98-114.
    • (1997) Amer. Econ. Rev. , vol.87 , pp. 98-114
  • 87
    • 0001407673 scopus 로고    scopus 로고
    • How should monetary policy be conducted in an era of price stability?
    • Fed. Reserve Bank Kansas City, op. cit.
    • _. 1999a. "How Should Monetary Policy Be Conducted in an Era of Price Stability?" in New Challenges for Monetary Policy. Fed. Reserve Bank Kansas City, op. cit., pp. 195-259.
    • (1999) New Challenges for Monetary Policy , pp. 195-259
  • 88
    • 0033147687 scopus 로고    scopus 로고
    • Inflation targeting as a monetary policy rule
    • Work. paper with unabridged appendix at
    • _. 1999b. "Inflation Targeting as a Monetary Policy Rule," J. Monet. Econ. 43, pp. 607-54. Work. paper with unabridged appendix at www.princeton.edu/~svensson.
    • (1999) J. Monet. Econ. , vol.43 , pp. 607-654
  • 89
    • 1842812853 scopus 로고    scopus 로고
    • Price level targeting vs. inflation targeting: A free lunch?
    • _. 1999c. "Price Level Targeting vs. Inflation Targeting: A Free Lunch?" J. Money, Credit, Banking 31, pp. 277-95.
    • (1999) J. Money, Credit, Banking , vol.31 , pp. 277-295
  • 90
    • 0033970329 scopus 로고    scopus 로고
    • Open-economy inflation targeting
    • _. 2000. "Open-Economy Inflation Targeting," J. Int. Econ. 50, pp. 155-83.
    • (2000) J. Int. Econ. , vol.50 , pp. 155-183
  • 93
    • 0003068245 scopus 로고    scopus 로고
    • Price stability as a target for monetary policy: Defining and maintaining price stability
    • Deutsche Bundesbank. NY: Palgrave
    • _. 2001c. "Price Stability as a Target for Monetary Policy: Defining and Maintaining Price Stability," in The Monetary Transmission Process: Recent Developments and Lessons for Europe. Deutsche Bundesbank. NY: Palgrave, pp. 60-102.
    • (2001) The Monetary Transmission Process: Recent Developments and Lessons for Europe , pp. 60-102
  • 94
    • 2542550560 scopus 로고    scopus 로고
    • Requiem for forecast-based instrument rules
    • Princeton U.
    • _. 2001d. "Requiem for Forecast-Based Instrument Rules," work. paper, Princeton U.
    • (2001) Work. Paper
  • 95
    • 8744307519 scopus 로고    scopus 로고
    • Monetary policy and real stabilization
    • Fed. Reserve Bank Kansas City, op. cit.
    • _. 2002a. "Monetary Policy and Real Stabilization," in New Challenges for Monetary Policy. Fed. Reserve Bank Kansas City, op. cit., pp. 261-312.
    • (2002) New Challenges for Monetary Policy , pp. 261-312
  • 96
    • 0004119767 scopus 로고    scopus 로고
    • Implementing optimal policy through inflation-forecast targeting
    • Princeton U.
    • Svensson, Lars E.O. and Michael Woodford. 2002a. "Implementing Optimal Policy through Inflation-Forecast Targeting," work. paper, Princeton U.
    • (2002) Work. Paper
    • Svensson, L.E.O.1    Woodford, M.2
  • 97
    • 2542558250 scopus 로고    scopus 로고
    • Indicator variables for optimal policy
    • forthcoming
    • _. 2002b. "Indicator Variables for Optimal Policy," J. Monet. Econ. forthcoming.
    • (2002) J. Monet. Econ.
  • 98
    • 2542593305 scopus 로고    scopus 로고
    • Sveriges Riksbank. 2001. Inflation Report 1/2001.
    • (2001) Inflation Report , vol.1 , Issue.2001
  • 99
    • 0010875815 scopus 로고
    • Estimation and control of a macroeconomic model with rational expectations
    • Taylor, John B. 1979. "Estimation and Control of A Macroeconomic Model with Rational Expectations," Econometrica 47, pp. 1267-86.
    • (1979) Econometrica , vol.47 , pp. 1267-1286
    • Taylor, J.B.1
  • 100
    • 43949165060 scopus 로고
    • Discretion vs policy rules in practice
    • _. 1993. "Discretion vs Policy Rules in Practice," Carnegie-Rochester Conf. Ser. Public Pol. 39, pp. 195-214.
    • (1993) Carnegie-rochester Conf. Ser. Public Pol. , vol.39 , pp. 195-214
  • 101
    • 2542567364 scopus 로고    scopus 로고
    • Introduction
    • John B. Taylor, ed. Chicago: Chicago U. Press
    • _. 1999a. "Introduction," in Monetary Policy Rules. John B. Taylor, ed. Chicago: Chicago U. Press.
    • (1999) Monetary Policy Rules
  • 102
    • 0007129135 scopus 로고    scopus 로고
    • A historical analysis of monetary policy rules
    • John B. Taylor, ed. Chicago: Chicago U. Press
    • _. 1999b. "A Historical Analysis of Monetary Policy Rules," in Monetary Policy Rules. John B. Taylor, ed. Chicago: Chicago U. Press.
    • (1999) Monetary Policy Rules
  • 104
    • 0033149338 scopus 로고    scopus 로고
    • The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the european central bank
    • _. 1999d. "The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by the European Central Bank," J. Monet. Econ. 43, pp. 655-79.
    • (1999) J. Monet. Econ. , vol.43 , pp. 655-679
  • 105
    • 0012126674 scopus 로고    scopus 로고
    • Using monetary policy rules in emerging market economies
    • Bank Mexico
    • _. 2000. "Using Monetary Policy Rules in Emerging Market Economies," in Stabilization and Monetary Policy: The International Experience. Bank Mexico, pp. 441-57.
    • (2000) Stabilization and Monetary Policy: The International Experience , pp. 441-457
  • 107
    • 0001752681 scopus 로고    scopus 로고
    • Incomplete contracts: Where do we stand?
    • Tirole, Jean. 1999. "Incomplete Contracts: Where Do We Stand?" Econometrica 67, pp. 741-81.
    • (1999) Econometrica , vol.67 , pp. 741-781
    • Tirole, J.1
  • 108
    • 2542594809 scopus 로고    scopus 로고
    • Price-level targeting vs inflation targeting in a forward-looking model
    • Stockholm U.
    • Vestin, David. 2000. "Price-Level Targeting vs Inflation Targeting in a Forward-Looking Model," work. paper, Stockholm U.
    • (2000) Work. Paper
    • Vestin, D.1
  • 109
    • 2542558251 scopus 로고    scopus 로고
    • The size of the commitment problem
    • Stockholm U.
    • _. 2001. "The Size of the Commitment Problem," work. paper, Stockholm U.
    • (2001) Work. Paper
  • 110
    • 85010796670 scopus 로고
    • Optimal contracts for independent central bankers
    • Walsh, Carl. 1995. "Optimal Contracts for Independent Central Bankers," Amer. Econ. Rev. 85, pp. 150-67.
    • (1995) Amer. Econ. Rev. , vol.85 , pp. 150-167
    • Walsh, C.1
  • 112
    • 84862361866 scopus 로고
    • Jena: Gustav Fischer
    • Wicksell, Knut. 1898. Geldzins und Güterprise. Jena: Gustav Fischer. English trans. 1936: Interest and Prices. Reprinted 1965. NY: Augustus M. Kelley, Bookseller.
    • (1898) Geldzins und Güterprise
    • Wicksell, K.1
  • 113
    • 0003802118 scopus 로고
    • English trans.. Reprinted 1965. NY:, Bookseller
    • Wicksell, Knut. 1898. Geldzins und Güterprise. Jena: Gustav Fischer. English trans. 1936: Interest and Prices. Reprinted 1965. NY: Augustus M. Kelley, Bookseller.
    • (1936) Interest and Prices
    • Kelley, A.M.1
  • 114
    • 0000490283 scopus 로고    scopus 로고
    • Commentary: How should monetary policy be conducted in an era of price stability?
    • Kansas City: Fed. Reserve Bank Kansas City
    • Woodford, Michael. 1999a. "Commentary: How Should Monetary Policy Be Conducted in an Era of Price Stability?" in New Challenges for Monetary Policy. Kansas City: Fed. Reserve Bank Kansas City, pp. 277-316.
    • (1999) New Challenges for Monetary Policy , pp. 277-316
    • Woodford, M.1
  • 115
    • 0004228076 scopus 로고    scopus 로고
    • Inflation stabilization and welfare
    • Princeton U.
    • _. 1999b. "Inflation Stabilization and Welfare," work. paper, Princeton U.
    • (1999) Work. Paper
  • 116
    • 0003251290 scopus 로고    scopus 로고
    • Optimal monetary policy inertia
    • _. 1999c. "Optimal Monetary Policy Inertia," NBER work. paper 7261.
    • (1999) NBER Work. Paper , vol.7261
  • 117
    • 0002777493 scopus 로고    scopus 로고
    • Pitfalls of forward-looking monetary policy
    • _. 2000a. "Pitfalls of Forward-Looking Monetary Policy," Amer. Econ. Rev.: Papers Proceedings 90, pp. 100-104.
    • (2000) Amer. Econ. Rev.: Papers Proceedings , vol.90 , pp. 100-104
  • 118
    • 2542635821 scopus 로고    scopus 로고
    • A Neo-wicksellian framework for the analysis of monetary policy
    • Princeton U.
    • _. 2000b. "A Neo-Wicksellian Framework for the Analysis of Monetary Policy," work. paper, Princeton U.
    • (2000) Work. Paper
  • 119
    • 0000752456 scopus 로고    scopus 로고
    • The taylor rule and optimal monetary policy
    • _. 2001. "The Taylor Rule and Optimal Monetary Policy," Amer. Econ. Rev.: Papers Proceedings 91, pp. 232-37.
    • (2001) Amer. Econ. Rev.: Papers Proceedings , vol.91 , pp. 232-237
  • 120
    • 0030119294 scopus 로고    scopus 로고
    • Nominal price rigidity, money supply endogeneity, and business cycles
    • Yun, Tack. 1996. "Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles," J. Monet. Econ. 37, pp. 345-70.
    • (1996) J. Monet. Econ. , vol.37 , pp. 345-370
    • Yun, T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.