TY  - BOOK
AU  - Christiano,Lawrence J.
AU  - Rostagno,Massimo
ED  - National Bureau of Economic Research.
TI  - Money Growth Monitoring and the Taylor Rule
T2  - NBER working paper series
PY  - 2001///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - October 2001; Hardcopy version available to institutional subscribers
N2  - Using a series of examples, we review the various ways in which a monetary policy characterized by the Taylor rule can inject volatility into the economy.  In the examples, a particular modification to the Taylor rule can reduce or even entirely eliminate the problems.  Under the modified policy, the central bank monitors the money growth rate and commits to abandoning the Taylor rule in favor of a money growth rule in case money growth passes outside a particular monitoring range
UR  - https://www.nber.org/papers/w8539
UR  - http://dx.doi.org/10.3386/w8539
ER  -