Like the Fed, the Hoover Press is experimenting with an extraordinary and unprecedented policy. It’s setting a key price very close to the zero lower bound and holding it there for a while.
To be specific, the Press is having a special anniversary sale of the book The Taylor Rule and the Transformation of Monetary Policy edited by Evan Koenig (Dallas Fed), Robert Leeson (University of Notre Dame, Australia), and George Kahn (Kansas City Fed). The sale marks the 20th anniversary of the first presentation of the paper proposing that rule back in November 1992.
The ebook version—available on Amazon—is on sale for $2.88, or 88% off the usual ebook list price of $24.95. Like the federal funds rate, it’s tough to go much lower!
Also, for orders that are made directly through the Hoover Press and use the promotion code taylor20, the hardcover edition is on sale for $7.50, which is a huge 79% off the list price of $34.95.
Taking due account of market expectations, the Hoover Press has made it very clear that the sale will last for 5 weeks through the end of December 2012. This is calendar-based, not outcome-based, forward guidance, and it’s a firm commitment without contingencies.