Description
Book SynopsisTwenty years ago, John Taylor proposed a simple idea to guide monetary policy. Quickly the idea spread, not only through academia, but also to the trading floors of Wall Street and the Federal Reserve's boardroom in Washington. Now, two decades later, the Taylor rule remains a focal point for discussions of monetary policy around the world.
Table of ContentsPreface by Richard W. Fisher Introduction by Evan F. Koenig, Robert Leeson, and George A. Kahn I. TAYLOR\u2019S APPROACH TO MONETARY THEORY AND POLICY 1. Monetary Policy Rules: from Adam Smith to John Taylor by Pier Francesco Asso, Robert Leeson 2. The Taylor Rule and the Practice of Central Banking by George A. Kahn 3. A Comparison with Milton Friedman by Edward Nelson 4. Two Basic Principles by Robert E. Lucas II. FROM THE GREAT MODERATION TO THE GREAT DEVIATION 5. The Great Moderation by Ben S. Bernanke 6. The Great Deviation by John B. Taylor 7. It\u2019s Not So Simple by Donald L. Kohn III. NEW CHALLENGES IN THE DECADE AHEAD 8. Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice by Michael Woodford 9. The Dual Nature of Forecast Targeting and Instrument Rules by John B. Taylor 10. Evaluating Monetary Policy by Lars E. O. Svensson IV. TAYLOR\u2019S INFLUENCE ON POLICYMAKING: FIRSTHAND ACCOUNTS 11. Overview by Ben S. Bernanke 12. The View from Inside the Fed by Janet Yellen 13. The View from Inside the European Central Bank by Otmar Issing 14. The View from Central Banks in Emerging Markets by Guillermo Ortiz 15. A View from the Financial Markets by John P. Lipsky APPENDIX The Pursuit of Policy Rules: A Conversation between Robert Leeson and John B. Taylor About the Contributing Authors Index
