000			02760cam a22003257 4500
001			w7916
003			NBER
005			20211020113503.0
006			m o d
007			cr cnu||||||||
008			210910s2000 mau fo 000 0 eng d
100	1		_aMcCallum, Bennett T.
245	1	4	_aThe Present and Future of Monetary Policy Rules / _cBennett T. McCallum.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c2000.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w7916
500			_aSeptember 2000.
520	3		_aTo consider the prospects, looking 20-30 years into the future, for monetary policymaking in accordance with policy rules, one must evaluate their present importance. That requires some definition of what constitutes rule-based monetary policy in practice, since no actual central bank will ever be literally bound by any simple formula (or any strict optimal control scheme). Consideration of the rules-versus-discretion literature, plus more recent analysis by Woodford (1999), indicates that rule-based policy is conducted to satisfy relationships specified from a timeless perspective.' Given this conception, it seems reasonably clear that today's prominent regimes (e.g., inflation targeting) do largely represent rule-based policymaking. Whether these will prevail into the future will depend in part on political trends, but their fundamental soundness gives room for hope. Regarding the effects of a gradually diminishing role of money, it would appear that the feasibility and attractiveness of rule-based policymaking will not be seriously impaired so long as a tangible medium of exchange has some importance, even if small. In the complete absence of monetary transactions, there would be no monetary policy of any type, rule-based or discretionary. But it seems highly unlikely that money will disappear in the foreseeable future.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aE58 - Central Banks and Their Policies _2Journal of Economic Literature class.
690		7	_aE42 - Monetary Systems • Standards • Regimes • Government and the Monetary System • Payment Systems _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w7916.
856	4	0	_uhttps://www.nber.org/papers/w7916
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w7916
942			_2ddc _cW-PAPER
999			_c340298 _d298860