Monetary Policy and the Stability of Macroeconomic Relationships

  title={Monetary Policy and the Stability of Macroeconomic Relationships},
  author={John Bernard Taylor},
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
2 Citations
9 References
Similar Papers


Publications citing this paper.


Publications referenced by this paper.
Showing 1-9 of 9 references

Policy analysis with a multicountry model

  • J. B. Taylor
  • Macroeconomic Policies in an Interdependent World…
  • 1989
Highly Influential
4 Excerpts

Stabilization policies in a closed economy

  • A. W. Phillips
  • 1954
Highly Influential
5 Excerpts

1988b), 'Japanese macroeconomic policy and the current account under alternative

  • J B.
  • 1988
1 Excerpt

The treatment of expectations in large multicountry models

  • Taylor, B J.
  • Empirical Macroeconomics for Interdependent…
  • 1988

Policy analysis with econometric models

  • C. Sims
  • Brookings Papers on Economic Activity,
  • 1982
1 Excerpt

Aggregate dynamics and staggered contracts

  • Taylor, B J.
  • Journal of Political Economy,
  • 1980

Econometric policy evaluation: a critique

  • Lucas, R. E.
  • 1976

Fiscal and monetary stabilization policies in a model of endogenous cyclical growth', undergraduate thesis, Princeton University (abridged version distributed as Econometric Research Program

  • Taylor, B J.
  • Research Memorandum,
  • 1968

A simple model of employment, money, and prices in a growing economy

  • A. W. Phillips
  • 1961

Similar Papers

Loading similar papers…