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Log in to follow4 published entries by 1 member, in Monetary Policy Rules and the Policy Stance, Unconventional Monetary Policy
Forward guidance
Delphic versus Odyssean guidance, the Fed's calendar and threshold promises, and the puzzle that models predict effects far larger than the data show.
Rules in practice: Fed, ECB and SNB
How three central banks describe their own frameworks, how they use rules without following them, and how to compute a prescription yourself.
Variants of the Taylor rule
Balanced-approach, inertial, forward-looking and first-difference rules, and the five rules the Fed publishes twice a year.
The Taylor rule
Taylor's 1993 formula, what each term means, and why a simple rule described Fed policy so well.