The explanatory power of monetary policy rules
By: John B. Taylor.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series -- working paper 13685; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13685.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Description: "This paper shows that the theory of monetary policy rules is able to explain, predict, and help understand a variety of phenomenon in macroeconomics and finance, including the Great Moderation, the correlation between exchange rates and interest rates, and the shift in the response of the term structure of interest rates to inflation and output.  Although the theory was originally designed for normative reasons, it has turned out to have positive implications which validate it scientifically.  And while initially focused on the United States, it has applied equally well in other countries"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 6/5/2008.

Includes bibliographical references.

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Mode of access: World Wide Web.