Can the Taylor rule be a good tool to analyse the monetary policy quality at the time of recent market turbulences ?

• Autorzy: Jan L. Bednarczyk
• Języki publikacji: EN

Abstrakty

EN

Article deals with the problems of application of the Taylor rule as a practical rule, facilitating monetary authorities` decision making in the years following financial crisis 2007+. Author comes to the conclusion, that the Taylor rule seems to be a poor tool to articulate postulates for central bank`s monetary policy and even for an ex post assessment of this policy. He proposes to substitute Non-decreasing economic growth rate of inflation (NDEGRI) for the Taylor rule as an indicator of the correctness of authorities actions.(original abstract)

Słowa kluczowe

PL

Polityka pieniężna; Wzrost gospodarczy; Inflacja; Reguła Taylora

EN

Monetary policy; Economic growth; Inflation; Taylor rule

• Czasopismo: Central European Review of Economics & Finance
• Rocznik: 2016
• Numer: Vol. 16, No 6
• Strony: 5--16

Twórcy

autor

Jan L. Bednarczyk

• Kazimierz Pułaski University of Technology and Humanities in Radom, Poland

Bibliografia

• An Interview with M. Friedman (Sept. 4, 2006), http://www.econlib.org/library/ Columns/y2006/Friedmantranscript.html (Access 06.09.2016)
• Asso P. F, Kahn G. A., Leeson R. (2007), The Taylor Rule and the Transformation of Monetary Policy, Federal Reserve Bank of Kansas City. Economic Research Department. Research Working Papers, RWP 07-11
• Bednarczyk J.L. (1990), Polityka pieniężna przeciw inflacji. Studium gospodarki kapitalistycznej. PWN, Warszawa
• Bernanke B. (2010), Monetary Policy and the Housing Bubble, Speech at the Annual Meeting of the American Economic Association, Atlanta, Georgia, www.federalreserve. gov. (02.01.2012)
• Goodfriend M. (2007), How the World Achieved Consensus on Monetary Policy, Journal of Economic Perspectives, No. 4.
• Krawczyk-Sawicka A. (2016), Problems with Fulfilment of Stabilization Pact in the Face of Financial Crisis of the Eurozone. Central European Review of Economics & Finance, vol. 13, No 3.
• OECD (2006), Economic Outlook, No. 79.
• OECD (2008), Economic Outlook, No. 84.
• OECD (2011), Economic Outlook, No. 90.
• OECD (2013), Economic Outlook, No. 93.
• Taylor J. B. (1993), Discretion versus policy rules in practice, Carnegie - Rochester Conference Series on Public Policy 39
• Taylor J. B. (2008), Comment on: Econtalkpodcast, August 18, http://www.econtalk. org.archives/2008/08/john_taylor_on.html (Access 06.09.2016)
• Thorton D. E., (1996), The Cost and Benefits of Price Stability: An Assessment of Howitt`s Rule, Federal Reserve Bank of St. Louis Review, March/April.