Optimality and Taylor Rules

Andrew Blake

National Institute Economic Review, 2000, vol. 174, issue 1, 80-91

Abstract: This paper discusses the role of forecasts in the control of inflation. Much has been made of variations on the so-called Taylor rule for inflation control. Forward-looking Taylor rules are reconciled with optimal control using a class of rules described as error-correcting Taylor rules.

Date: 2000
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