Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*

# Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* > OpenAlex Metadata Hub · https://openalex.org/W3022712314 ## Bibliographic - **DOI:** 10.1162/003355300554692 - **Year:** 2000 - **Citations:** 4743 - **Open Access:** No (closed) - **License:** — - **Source:** https://doi.org/10.1162/003355300554692 ## Authors - Richard H. Clarida - Jordi Gaĺı - Mark Gertler ## Abstract We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker's appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre-Volcker period. We then compare some of the implications of the estimated rules for the equilibrium properties of inflation and output, using a simple macroeconomic model, and show that the Volcker-Greenspan rule is stabilizing. ## Keywords Economics, Monetary policy, Inflation (cosmology), Keynesian economics, Taylor rule, Output gap, Interest rate, Point (geometry), Monetary economics, Stability (learning theory), Function (biology), Macroeconomics, Central bank, Mathematics ## Concepts - Economics - Monetary policy - Inflation (cosmology) - Keynesian economics - Taylor rule - Output gap - Interest rate - Point (geometry) - Monetary economics - Stability (learning theory) - Function (biology) - Macroeconomics - Central bank - Mathematics - Computer science - Machine learning - Biology - Physics - Geometry - Theoretical physics - Evolutionary biology --- *Metadata only — full text not imported unless Open Access license permits.*

Bài “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*” được TradingBase chuyển thành Knowledge Product cho trader — không phải trang đọc abstract OpenAlex. Tóm lược học thuật (đã diễn giải): We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker's appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre-Volcker period. We then compare some of the implications of the estimated rules for the equilibrium properties of inflation and output, using a simple macroeconomic model, and show that the Volcker-Greenspan rule is stabilizing. Phần Trading Insights bên dưới nối nghiên cứu với Forex, vàng, USD, lãi suất và risk regime — để bạn đưa vào journal và playbook. Metadata DOI/OA chỉ là rail tham chiếu; nội dung chính là summary, takeaways và ứng dụng thị trường do Content Factory sinh.