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http://ssrn.com/abstract=1088466
 
 

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The Taylor Rule and the Transformation of Monetary Policy


George A. Kahn


Federal Reserve Bank of Kansas City

Pier Francesco Asso


University of Palermo

Robert Leeson


Murdoch University

December 2007


Abstract:     
This paper examines the intellectual history of the Taylor Rule and its considerable influence on macroeconomic research and monetary policy. The paper traces the historical antecedents to the Taylor rule, emphasizing the contributions of three prominent advocates of rules - Henry Simons, A.W. H. Phillips, and Milton Friedman. The paper then examines the evolution of John Taylor's thinking as an academic and policy advisor leading up to his formulation of the Taylor rule. Finally, the paper documents the influence of the Taylor rule on macroeconomic research and the Federal Reserve's conduct of monetary policy.

Number of Pages in PDF File: 41

Keywords: Taylor rule, monetary policy, rules versus discretion

JEL Classification: B22, B31, E52

working papers series





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Date posted: January 31, 2008  

Suggested Citation

Kahn, George A. and Asso, Pier Francesco and Leeson, Robert, The Taylor Rule and the Transformation of Monetary Policy (December 2007). Available at SSRN: http://ssrn.com/abstract=1088466 or http://dx.doi.org/10.2139/ssrn.1088466

Contact Information

George A. Kahn (Contact Author)
Federal Reserve Bank of Kansas City ( email )
1 Memorial Dr.
Kansas City, MO 64198
United States
816-881-2436 (Phone)
816-881-2199 (Fax)
Pier Francesco Asso
University of Palermo ( email )
Viale delle Scienza
Palermo, 90128
Italy
Robert Leeson
Murdoch University ( email )
South Streeet
Murdoch, West Australia 6150
Australia
011-61-9-360-2197 (Phone)
011-61-9-310-7725 (Fax)
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