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来源类型Working Paper
规范类型报告
DOI10.3386/w24149
来源IDWorking Paper 24149
Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy
John B. Taylor
发表日期2017-12-25
出版年2017
语种英语
摘要This paper reviews the state of the debate over rules versus discretion in monetary policy, focusing on the role of economic research in this debate. It shows that proposals for policy rules are largely based on empirical research using economic models. The models demonstrate the advantages of a systematic approach to monetary policy, though proposed rules have changed and generally improved over time. Rules derived from research help central bankers formulate monetary policy as they operate in domestic financial markets and the global monetary system. However, the line of demarcation between rules and discretion is difficult to establish in practice which makes contrasting the two approaches difficult. History shows that research on policy rules has had an impact on the practice of central banking. Economic research also shows that while central bank independence is crucial for good monetary policy making, it has not been enough to prevent swings away from rules-based policy, implying that policy-makers might consider enhanced reporting about how rules are used in monetary policy. The paper also shows that during the past year there has been an increased focus on policy rules in implementing monetary policy in the United States.
主题Macroeconomics ; Monetary Policy ; International Economics ; International Finance
URLhttps://www.nber.org/papers/w24149
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581823
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John B. Taylor. Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy. 2017.
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