Monetary Policy and the Stability of Macroeconomic Relationships

@inproceedings{Taylor2007MonetaryPA,
  title={Monetary Policy and the Stability of Macroeconomic Relationships},
  author={John Bernard Taylor},
  year={2007}
}
Estimates of the effect of different international monetary regimes on the parameters of the Phillips curve, the Keynesian consumption function, and other reduced-form macroeconomic relationships are given. The estimates provide a quantitative assessment of the importance of the Lucas critique for such regime shifts. The estimates are calculated by stochastically simulating an estimated multicountry economic model with rational expectations under a fixed exchange rate regime and a flexible… CONTINUE READING
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