Search Results for: policy rules

A Revival of Research on Monetary Policy Rules for the Instruments

Recently I had the opportunity to participate in several conferences on monetary policy: the annual Hoover monetary policy conference at Stanford in May, the 2019 Fed Review conference in Chicago in June, and the Macro Model Comparison Conference in Frankfurt … Continue reading

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A Whole New Section on Policy Rules in Fed’s Report

The Federal Reserve Board’s semi-annual Monetary Policy Report issued by Chair Janet Yellen last Friday contains a whole new section called “Monetary Policy Rules and Their Role in the Federal Reserve’s Policy Process.” The section contains new information and is … Continue reading

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Economists State Why Policy Rules Legislation Is Needed

Recent policy rules legislation introduced in the House and Senate has attracted  much attention—including in op-eds, blog posts, tweets, editorials, speeches, research papers, conferences and Congressional testimony over the past few years. A particular version of this legislation passed the … Continue reading

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The Senate Moves Ahead on a Policy Rules Bill

Today the Chairman of Senate Banking Committee, Richard Shelby, released a draft bill entitled “The Financial Regulatory Improvement Act of 2015” covering a wide range of reforms. Like the widely-discussed House policy rules bill (Section 2 of HR 5018 of last … Continue reading

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A Feature Not a Bug in the Policy Rules Bill

In his opening line of questions for Janet Yellen at the Senate Banking Committee today, Senator Richard Shelby asked about the use of monetary policy rules and the Taylor Rule, apparently referring to the recent policy rules bill (Section 2 … Continue reading

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Policy Rules When Money Still Matters

In an interesting recent paper and blog post “Money Still Matters,” Michael Belongia and Peter Ireland report new empirical results with relevance to monetary policy.  They show that the Divisia index of the money supply (not M1 or M2) has effects on … Continue reading

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Where Do Policy Rules Come From?

I recently read Steve Williamson’s interpretation of what I was and was not claiming when I wrote my 1992 paper on what would come to be called the Taylor rule.  It’s quite a while ago, but I have a different … Continue reading

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References to Policy Rules in a Speech by the Fed Vice Chair

In a speech to the Money Marketeers in New York City this past week, Fed Vice Chair Janet Yellen gave a useful description of how she and other policy makers are thinking analytically about monetary policy. The speech referred extensively … Continue reading

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Rules Are Back In The Fed’s Monetary Policy Report

The Federal Reserve’s latest Monetary Policy Report just released on February 19, 2021 has a whole section on monetary policy rules.  That policy rules are back in the Report is a very welcome development. It re-initiates a helpful reporting approach … Continue reading

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Rules and Strategies in the Fed’s New Monetary Policy Report

The Fed’s Monetary Policy Report released last Friday devotes a lot of space to monetary policy rules. This is the third time in a row that the monetary policy report has included such discussions, the first being in July 2017 … Continue reading

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