Yearly Archives: 2003

New revision and acceptance: “What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,”

New revision and acceptance: “What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,” Version 3.1, Jan 2003, Journal of Economic Literature, forthcoming. This revision now includes a discussion of the proposal that instrument rules, like the Taylor rule, are not meant to be followed mechanically but to be mere “guidelines” for monetary policy. The proposal is found to be too vague to be operational.