The Robustness and Efficiency of Monetary Policy Rules as Guidelines for Interest Rate Setting by European Central Bank

John B. Taylor ()

Working Papers from Stockholm - International Economic Studies

Abstract: This paper examines the implications of recent research on monetary policy rules for practical monetary policy making, with special emphasis on strategies for setting interest rates by the new European Central Bank (ECB). The paper draws on recent research and new simulations of a loarge open economy model to assess the efficiency of a simple benchmark rule in comparison with other proposed rules.

Keywords: MONETARY POLICY; CENTRAL BANKS; INTEREST RATE (search for similar items in EconPapers)
JEL-codes: E43 E52 E58 (search for similar items in EconPapers)
Date: Written
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Persistent link: http://EconPapers.repec.org/RePEc:fth:stocin:649

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