The Taylor Rule and Optimal Monetary Policy

By Michael Woodford. 2001

849 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/2309c7867c1e65c73ffd75301a0673e7a36de8ce

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Citations in the corpus

Has Monetary Policy Become More Effective? (2006, neutral): “As Woodford (2001) points out, the welfare-relevant output gap derived from models like ours differs considerably from detrended output, and might even be negatively correlated with it.”
Liability Dollarization and the Bank Balance Sheet Channel (2002, background): “Subsequently, a large number of papers have examined the business cycle stabilization and welfare properties of simple monetary rules in dynamic, forward looking models (see Woodford [45] or the papers in Taylor [43] for examples).”
THE REAL-INTEREST-RATE GAP AS AN INFLATION INDICATOR (2003, neutral): “The limitations of detrended output as an output gap proxy have been noted by others, including Galı́ and Gertler (1999), McCallum and Nelson (1999), and Woodford (2001a).”
Using Taylor Rules to Understand European Central Bank Monetary Policy (2007, background): “This so-called ‘Taylor principle’ implies this coefficient to be larger than 1 (see e.g. Clarida et al., 1998; Taylor, 1999b; Woodford, 2001).”
Time Varying Structural Vector Autoregressions and Monetary Policy (2005, neutral): “The Taylor principle is only sufficient for determinacy and expectational stability if the monetary policy rule includes an interest rate response to real activity (Woodford, 2001).”
Why the Fed Should Ignore the Stock Market (2002, methodology): “This condition is a statement of the Taylor principle, as discussed by Bullard and Mitra (2002) and by Woodford (2001).”
Optimal Operational Monetary Policy in the Christiano-Eichenbaum-Evans Model of the U.S. Business Cycle (2004, background): “It is also well known that one way to implement this policy is by means of an interest-rate feedback rule with a very large inflation coefficient (Woodford, 2001).”
Monetary and Macroprudential Policy Rules in a Model with House Price Booms (2009, neutral): “qt ct "ct 1 1 " + (i B t it 1) = t + B (Etit+1 it ); (35) 1 (1 ) ( Dt dt ) = t (1 )Et t+1; (36)”
Why Does the Yield Curve Predict Output and Inflation (2005, neutral): “12 The solution method is analogous to that employed by Woodford (2001) in a simpler model.”
Trend Inflation, Taylor Principle and Indeterminacy (2009, neutral): “long run). As stressed by Bullard and Mitra (2002) and Woodford (2001, 2003) among”