scholarly journals Monetary policy rules in a non-rational world: A macroeconomic experiment

2021 ◽  
pp. 105203
Author(s):  
Felix Mauersberger
Keyword(s):  
Monetary Policy ◽  
Policy Rules ◽  
Monetary Policy Rules

Monetary Policy Rules for Financially Vulnerable Economies

2001 ◽  
Author(s):  
Eduardo A. Morón ◽  
Diego Winkelried
Keyword(s):  
Monetary Policy ◽  
Policy Rules ◽  
Monetary Policy Rules

scholarly journals A RECONSIDERATION OF THE DOCTRINAL FOUNDATIONS OF MONETARY POLICY RULES: FISHER VERSUS CHICAGO

2021 ◽  
Vol 43 (1) ◽  
pp. 55-82
Author(s):  
George S. Tavlas
Keyword(s):  
Monetary Policy ◽  
Price Level ◽  
Policy Instruments ◽  
Policy Instrument ◽  
Superior Performance ◽  
Policy Uncertainty ◽  
Direct Link ◽  
Policy Rule ◽  
Policy Rules ◽  
Monetary Policy Rules

There has long been a presumption that the price-level stabilization frameworks of Irving Fisher and Chicagoans Henry Simons and Lloyd Mints were essentially equivalent. I show that there were subtle, but important, differences in the rationales underlying the policies of Fisher and the Chicagoans. Fisher’s framework involved substantial discretion in the setting of the policy instruments; for the Chicagoans the objective of a policy rule was to tie the hands of the authorities in order to reduce discretion and, thus, monetary policy uncertainty. In contrast to Fisher, the Chicagoans provided assessments of the workings of alternative rules, assessed various criteria—including simplicity and reduction of political pressures—in the specification of rules, and concluded that rules would provide superior performance compared with discretion. Each of these characteristics provided a direct link to the rules-based framework of Milton Friedman. Like Friedman’s framework, Simons’s preferred rule targeted a policy instrument.

Monetary policy rules and the indicator properties of asset prices

1992 ◽  
Vol 29 (2) ◽  
pp. 303-336 ◽  
Author(s):  
Jeff Fuhrer ◽  
George Moore
Keyword(s):  
Monetary Policy ◽  
Asset Prices ◽  
Policy Rules ◽  
Monetary Policy Rules

scholarly journals Monetary Policy Rules with Model and Data Uncertainty

2002 ◽  
Vol 69 (2) ◽  
pp. 239 ◽  
Author(s):  
Eric Ghysels ◽  
Norman R. Swanson ◽  
Myles Callan
Keyword(s):  
Monetary Policy ◽  
Data Uncertainty ◽  
Policy Rules ◽  
Monetary Policy Rules
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