- Are ECB’s Greek bond purchases really irrelevant for the private sector?
- Is Greg getting bailed out by his rich uncle?
- Taylor legislation? Rules versus discretion misunderstood
- Partisanship and dismal economics blogging
- Chris Auld’s 18 signs
- The case for negative nominal interest rates and how to attain them: Revisiting the Buiter-Eisler approach
- No Negative Rates in Euroland (yet)
- Reinhart and Rogoff’s coding mistake: Much Ado About Nothing
What is going on here?American Economic Review Ben Bernanke Central bank governance Central bank independence central banks Christopher A. Sims debt crisis debt rating Economic schools economists' joke Euro European Central Bank European Union Federal funds rate Federal Open Market Commitee Federal Reserve Financial crisis Fiscal multiplier Fiscal stimulus forecasting Gavin Davies Government bonds inflation Inflation targeting interest rate Jean Claude Trichet John B. Taylor John Cochrane John Maynard Keynes Lars Svensson Mario Draghi Michael Woodford Milton Friedman N. Gregory Mankiw New-Keynesian models Nobel Prize Paul Krugman policy rules Public debt Quantitative easing Ramsey model Ricardian Equivalence Securities Markets Programme seigniorage Standard & Poor's Taylor rule Thomas J. Sargent Treaty on European Union Unconventional monetary policy United States
Other economics/ economists' blogs:(Needless to say, I do not necessarily agree with them or endorse them.)
Tag Archives: discretion
Taylor legislation? Rules versus discretion misunderstood
John B. Taylor is one of the profession’s most recognized macroeconomists, and for good reason. He has made numerous contributions to theories on wage and price formation and monetary policy. Many concepts are so central that they carry his name. “Taylor contracts” (staggered nominal wage or price contracts that are a central ingredient in many macroeconomics models), “Taylor curves” (curves that simply illustrate the feasible monetary policy trade offs), and, of course, the “Taylor Rule”, which is a specification of a nominal interest rate rule for a central bank. Originally mentioned in a 1993 paper, Taylor showed that the simple rule—that recommends that the nominal interest rate adjust to inflation … Continue reading
Posted in Economists, Macroeconomics, Monetary policy Tagged discretion, John B. Taylor, legislation, monetary policymaking, rules, Taylor rule 13 Comments