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Taylor Rule and the Greenspan Era: A Reprint from the “Economic Quarterly”
This article estimates a Taylor rule according to

Our Price: $15.00
By Yash P. Mehra (au); Brian D. Minton (au)
Year: 2007
Pages: 21
Binding Paperback

Product Code: 1422319857

This article estimates a Taylor rule according to which the Federal Reserve is forward looking, focused on core inflation, & smoothes interest rates. Using the Greenbook inflation forecasts & the real-time output gap, the estimated policy rule predicts very well the actual path of the federal funds rate over 1987 to 2000. However, there are few periods when the Greenspan Fed is off the estimated rule, arising perhaps as a result of the Federal Reserve response to special macro-economic developments not captured by the simple rule. Illustrations.

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