References (84)


Citations (1)



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

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

Open PDF in Browser Download This Paper

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, Buenos Aires 90128
Robert Leeson
Murdoch University ( email )
South Streeet
Murdoch, West Australia 6150
011-61-9-360-2197 (Phone)
011-61-9-310-7725 (Fax)
Feedback to SSRN

Paper statistics
Abstract Views: 1,596
Downloads: 325
Download Rank: 68,365
References:  84
Citations:  1

© 2016 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollobot1 in 2.422 seconds