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Monetary Policy Rules (National Bureau of Economic Research Studies in Income and Wealth) Hardcover – August 15, 1999


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Product Details

  • Series: National Bureau of Economic Research Studies in Income and Wealth (Book 31)
  • Hardcover: 458 pages
  • Publisher: University of Chicago Press; First Ed. edition (August 15, 1999)
  • Language: English
  • ISBN-10: 0226791246
  • ISBN-13: 978-0226791241
  • Product Dimensions: 9.4 x 6.4 x 1.2 inches
  • Shipping Weight: 1.8 pounds
  • Amazon Best Sellers Rank: #4,669,238 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

Should we raise interest rates, lower interest rates, or keep them the same? This is the most difficult, yet the most important, question that Federal Reserve policymakers face. One decision could cause recession or inflation while another could cause continued economic expansion. Investors anticipate the Federal Reserve's decision as it affects bonds, stocks, and foreign exchange rates.

This volume results from a unique cooperative research effort between nearly thirty monetary experts and policymakers from central banks and universities who evaluated different policy rules using a variety of techniques. Their striking findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment, and exchange, illustrate that simple policy rules are more robust and more efficient than complex rules with multiple variables.

A state-of-the-art appraisal of the fundamental issues facing the Federal Reserve Board and other central banks, Monetary Policy Rules is essential reading for economic analysts and policymakers alike.
--This text refers to the Paperback edition.

About the Author

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and a research associate of the National Bureau of Economic Research.
--This text refers to the Paperback edition.

More About the Author

John B. Taylor is the George P. Shultz Senior Fellow in Economics at the Hoover Institution and the Mary and Robert Raymond Professor of Economics at Stanford University. He chairs the Hoover Working Group on Economic Policy and is director of Stanford's Introductory Economics Center.

Taylor's fields of expertise are monetary policy, fiscal policy, and international economics. His book Getting Off Track was one of the first on the financial crisis; his latest book, First Principles, develops an economic plan to restore America's prosperity.

Taylor served as senior economist on President Ford's and President Carter's Council of Economic Advisers, as a member of President George H. W. Bush's Council of Economic Advisers, and as a senior economic adviser to Bob Dole's presidential campaign, to George W. Bush's presidential campaign in 2000, and to John McCain's presidential campaign. He was a member of the Congressional Budget Office's Panel of Economic Advisers from 1995 to 2001. From 2001 to 2005, Taylor served as undersecretary of the Treasury for international affairs where he was responsible for currency markets, international development, for oversight of the International Monetary Fund and the World Bank, and for coordinating policy with the G-7 and G-20.

Taylor received the Bradley Prize from the Bradley Foundation and the Adam Smith Award from the National Association for Business Economics. He was awarded the Alexander Hamilton Award for his overall leadership at the US Treasury, the Treasury Distinguished Service Award for designing and implementing the currency reforms in Iraq, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. At Stanford he was awarded the George P. Shultz Distinguished Public Service Award, as well as the Hoagland Prize and the Rhodes Prize for excellence in undergraduate teaching. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society; he formerly served as vice president of the American Economic Association.

Taylor formerly held positions as professor of economics at Princeton University and Columbia University. Taylor received a BA in economics summa cum laude from Princeton University in 1968 and a PhD in economics from Stanford University in 1973.

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