"Rules Rather Than Discretion" After Twenty Five Years: What Have We Learned? What More Can We Learn?
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
- McCallum, Bennett T, 1995.
"Two Fallacies Concerning Central-Bank Independence,"
American Economic Review, American Economic Association, vol. 85(2), pages 207-211, May.
- Bennett T. McCallum, 1995. "Two Fallacies Concerning Central Bank Independence," NBER Working Papers 5075, National Bureau of Economic Research, Inc.
- Svensson, Lars E O, 1997.
"Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts,"
American Economic Review, American Economic Association, vol. 87(1), pages 98-114, March.
- Lars E.O. Svensson, 1995. "Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts," NBER Working Papers 5251, National Bureau of Economic Research, Inc.
- Svensson, Lars E O, 1995. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," CEPR Discussion Papers 1249, C.E.P.R. Discussion Papers.
- Svensson, L.E.O., 1995. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," Papers 595, Stockholm - International Economic Studies.
- Barro, Robert J. & Gordon, David B., 1983.
"Rules, discretion and reputation in a model of monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
- Robert J. Barro & David B. Gordon, 1983. "Rules, Discretion and Reputation in a Model of Monetary Policy," NBER Working Papers 1079, National Bureau of Economic Research, Inc.
- Ireland, Peter N., 2000.
"Expectations, Credibility, And Time-Consistent Monetary Policy,"
Macroeconomic Dynamics, Cambridge University Press, vol. 4(4), pages 448-466, December.
- Peter N. Ireland, 1998. "Expectations, credibility, and time-consistent monetary policy," Working Papers (Old Series) 9812, Federal Reserve Bank of Cleveland.
- Peter N. Ireland, 1999. "Expectations, Credibility, and Time-Consistent Monetary Policy," NBER Working Papers 7234, National Bureau of Economic Research, Inc.
- Peter N. Ireland, 1999. "Expectations, Credibility, and Time-Consistent Monetary Policy," Boston College Working Papers in Economics 425, Boston College Department of Economics.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective,"
Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- Taylor, John B, 1982. "Establishing Credibility: A Rational Expectations Viewpoint," American Economic Review, American Economic Association, vol. 72(2), pages 81-85, May.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999.
"The Science of Monetary Policy: A New Keynesian Perspective,"
Journal of Economic Literature,
American Economic Association, vol. 37(4), pages 1661-1707, December.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997. "The science of monetary policy: A new Keynesian perspective," Economics Working Papers 356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
- Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- repec:cup:macdyn:v:4:y:2000:i:4:p:448-66 is not listed on IDEAS
- Herrendorf, Berthold & Lockwood, Ben, 1997.
"Rogoff's "Conservative" Central Banker Restored,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(4), pages 476-495, November.
- Herrendorf, Berthold & Lockwood, Ben, 1996. "Rogoff's Conservative Central Banker Restored," The Warwick Economics Research Paper Series (TWERPS) 450, University of Warwick, Department of Economics.
- Herrendorf, Berthold & Lockwood, Ben, 1996. "Rogoff'S 'Conservative' Central Banker Restored," Economic Research Papers 268699, University of Warwick - Department of Economics.
- Herrendorf, Berthold & Lockwood, Ben, 1996. "Rogoff's 'Conservative' Central Banker Restored," CEPR Discussion Papers 1386, C.E.P.R. Discussion Papers.
- Alan S. Blinder, 1997. "Distinguished Lecture on Economics in Government: What Central Bankers Could Learn from Academics--And Vice Versa," Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 3-19, Spring.
- Ireland, Peter N., 1997. "Sustainable monetary policies," Journal of Economic Dynamics and Control, Elsevier, vol. 22(1), pages 87-108, November.
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-167, March.
- Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-491, June.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Volckart, Oliver, 2008. "‘The big problem of the petty coins’, and how it could be solved in the late Middle Ages," Economic History Working Papers 22310, London School of Economics and Political Science, Department of Economic History.
- repec:hum:wpaper:sfb649dp2007-007 is not listed on IDEAS
- Bogdan Andrei DUMITRESCU, 2015. "The Coordination of the Monetary and Fiscal Policies in Romania and their Impact on the Economic Cycle," Romanian Journal of Economics, Institute of National Economy, vol. 40(1(49)), pages 184-197, june.
- Volckart, Oliver, 2007. "Rules, discretion or reputation? Monetary policies and the efficiency of financial markets in Germany, 14th to 16th centuries," SFB 649 Discussion Papers 2007-007, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
- repec:ine:journl:v:40:y:2015:i:49:p:158-171 is not listed on IDEAS
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Bilbiie, Florin O., 2014.
"Delegating optimal monetary policy inertia,"
Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 63-78.
- Bilbiie, Florin, 2009. "Delegating Optimal Monetary Policy Inertia," CEPR Discussion Papers 7482, C.E.P.R. Discussion Papers.
- Florin Bilbiie, 2014. "Delegating optimal monetary policy inertia," Post-Print hal-01162224, HAL.
- Florin Bilbiie, 2014. "Delegating optimal monetary policy inertia," PSE-Ecole d'économie de Paris (Postprint) hal-01162224, HAL.
- Florin Bilbiie, 2014. "Delegating optimal monetary policy inertia," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01162224, HAL.
- Ruge-Murcia, Francisco J, 2003.
"Inflation Targeting under Asymmetric Preferences,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(5), pages 763-785, October.
- RUGE-MURCIA, Francisco .J., 2001. "Inflation Targeting Under Asymmetric Preferences," Cahiers de recherche 2001-04, Universite de Montreal, Departement de sciences economiques.
- Mr. Francisco Javier Ruge-Murcia, 2001. "Inflation Targeting Under Asymmetric Preferences," IMF Working Papers 2001/161, International Monetary Fund.
- Francisco J. Ruge-Murcia, 2001. "Inflation Targeting Under Asymmetric Preferences," Working Papers 0106, Banco de España.
- Ruge-Murcia, F.J., 2001. "Inflation Targeting Under Asymmetric Preferences," Cahiers de recherche 2001-04, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Loisel, Olivier, 2008.
"Central bank reputation in a forward-looking model,"
Journal of Economic Dynamics and Control, Elsevier, vol. 32(11), pages 3718-3742, November.
- Loisel, O., 2005. "Central Bank Reputation in a Forward-Looking Model," Working papers 127, Banque de France.
- Florin O. Bilbiie, 2011.
"The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy,"
Journal of Optimization Theory and Applications, Springer, vol. 150(3), pages 657-674, September.
- Florin Bilbiie, 2011. "The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy," Post-Print hal-00622870, HAL.
- Florin Bilbiie, 2011. "The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy," PSE-Ecole d'économie de Paris (Postprint) hal-00622870, HAL.
- Florin Bilbiie, 2011. "The Time Inconsistency of Delegation-Based Time Inconsistency Solutions in Monetary Policy," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00622870, HAL.
- Manfred Gärtner, 2008.
"The Political Economy of Monetary Policy Conduct and Central Bank Design,"
Springer Books, in: Readings in Public Choice and Constitutional Political Economy, chapter 24, pages 423-446,
Springer.
- Manfred Gärtner, 2006. "The political economy of monetary policy conduct and central bank design," University of St. Gallen Department of Economics working paper series 2006 2006-25, Department of Economics, University of St. Gallen.
- Yuan, Huiping & Miller, Stephen M., 2010.
"Implementing optimal monetary policy: Objectives and rules,"
Economic Modelling, Elsevier, vol. 27(3), pages 737-745, May.
- Huiping Yuan & Stephen M. Miller, 2009. "Implementing Optimal Monetary Policy: Objectives and Rules," Working Papers 0911, University of Nevada, Las Vegas , Department of Economics.
- Francesca Castellani & Xavier Debrun, 2005. "Designing Macroeconomic Frameworks: A Positive Analysis of Monetary and Fiscal Delegation," International Finance, Wiley Blackwell, vol. 8(1), pages 87-117, March.
- Richard Mash, 2000. "The Time Inconsistency of Monetary Policy with Inflation Persistence," Economics Series Working Papers 15, University of Oxford, Department of Economics.
- Richard Dennis & Tatiana Kirsanova, 2010.
"Expectations traps and coordination failures: selecting among multiple discretionary equilibria,"
Working Paper Series
2010-02, Federal Reserve Bank of San Francisco.
- Dennis, Richard & Kirsanova, Tatiana, 2010. "Expectations Traps and Coordination Failures: Selecting among Multiple Discretionary Equilibria," MPRA Paper 24616, University Library of Munich, Germany.
- Richard Dennis & Tatiana Kirsanova, 2010. "Expectations Traps and Coordination Failures:Selecting Among Multiple Discretionary Equilibria," CAMA Working Papers 2010-02, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Masciandaro, Donato, 2022. "Independence, conservatism, and beyond: Monetary policy, central bank governance and central banker preferences (1981–2021)," Journal of International Money and Finance, Elsevier, vol. 122(C).
- Donato Masciandaro & Davide Romelli, 2019.
"Behavioral Monetary Policymaking: Economics, Political Economy and Psychology,"
World Scientific Book Chapters, in: Behavioral Finance The Coming of Age, chapter 9, pages 285-329,
World Scientific Publishing Co. Pte. Ltd..
- Donato Masciandaro & Davide Romelli, 2019. "Behavioral Monetary Policymaking: Economics, Political Economy And Psychology," BAFFI CAREFIN Working Papers 19105, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Bullard, James & Waller, Christopher J, 2004.
"Central Bank Design in General Equilibrium,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(1), pages 95-113, February.
- James B. Bullard & Christopher J. Waller, 2002. "Central bank design in general equilibrium," Working Papers 1998-002, Federal Reserve Bank of St. Louis.
- Basso, Henrique S., 2009.
"Delegation, time inconsistency and sustainable equilibrium,"
Journal of Economic Dynamics and Control, Elsevier, vol. 33(8), pages 1617-1629, August.
- Basso, Henrique S, 2008. "Delegation, Time Inconsistency and Sustainable Equilibrium," Working Paper Series 2008:15, Uppsala University, Department of Economics.
- Masciandaro, Donato & Romelli, Davide, 2015.
"Ups and downs of central bank independence from the Great Inflation to the Great Recession: theory, institutions and empirics,"
Financial History Review, Cambridge University Press, vol. 22(3), pages 259-289, December.
- Donato Masciandaro & Davide Romelli, 2015. "Ups and Downs. Central Bank Independence from the Great Inflation to the Great Recession: Theory, Institutions and Empirics," BAFFI CAREFIN Working Papers 1503, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Walsh, Carl E, 2003. "Accountability, Transparency, and Inflation Targeting," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(5), pages 829-849, October.
- Donato Masciandaro & Davide Romelli, 2016. "From Silence to Voice: Monetary Policy, Central Bank Governance and Communication," BAFFI CAREFIN Working Papers 1627, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Gersbach, Hans & Hahn, Volker, 2014.
"Inflation forecast contracts,"
Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 26-40.
- Hans Gersbach & Volker Hahn, 2011. "Inflation Forecast Contracts," CER-ETH Economics working paper series 11/149, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
- Gersbach, Hans & Hahn, Volker, 2012. "Inflation Forecast Contracts," CEPR Discussion Papers 8933, C.E.P.R. Discussion Papers.
- Richard Dennis & Tatiana Kirsanova, 2013.
"Expectations Traps and Coordination Failures with Discretionary Policymaking,"
ANU Working Papers in Economics and Econometrics
2013-611, Australian National University, College of Business and Economics, School of Economics.
- Richard Dennis & Tatiana Kirsanova, 2013. "Expectations Traps and Coordination Failures with Discretionary Policymaking," Working Papers 2013_02, Business School - Economics, University of Glasgow.
- Dennis, Richard & Kirsanova, Tatiana, 2013. "Expectations Traps and Coordination Failures with Discretionary Policymaking," SIRE Discussion Papers 2013-18, Scottish Institute for Research in Economics (SIRE).
- Ansgar Belke & Ralph Setzer, 2004. "Nobelpreis für Wirtschaftswissenschaften 2004 an Finn E. Kydland and Edward C. Prescott," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 248/2004, Department of Economics, University of Hohenheim, Germany.
- Francisco J. Ruge-Murciá, 2002.
"A Prudent Central Banker,"
IMF Staff Papers, Palgrave Macmillan, vol. 49(3), pages 1-7.
- RUGE-MURCIA, Francisco J., 2001. "A Prudent Central Banker," Cahiers de recherche 2001-07, Universite de Montreal, Departement de sciences economiques.
- Ruge-Murcia, F.J., 2001. "A Prudent Central Banker," Cahiers de recherche 2001-07, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
More about this item
Keywords
Time-consistency; Inflation; Unemployment;All these keywords.
JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
NEP fields
This paper has been announced in the following NEP Reports:- NEP-DGE-2002-04-25 (Dynamic General Equilibrium)
- NEP-MAC-2002-04-25 (Macroeconomics)
- NEP-MON-2002-04-25 (Monetary Economics)
- NEP-REG-2002-04-25 (Regulation)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:boc:bocoec:530. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christopher F Baum (email available below). General contact details of provider: https://edirc.repec.org/data/debocus.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.