@techreport{NBERw6016,
 title = "Issues in the Design of Monetary Policy Rules",
 author = "Bennett T. McCallum",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "6016",
 year = "1997",
 month = "April",
 URL = "http://www.nber.org/papers/w6016",
 abstract = {Topics covered in this survey paper include the following: distinguishing rules from discretion in practice; the feasibility of rule-like behavior by an independent central bank; optimal control vs. robustness as research strategies; choice among target variables; growth-rate vs. growing-level target paths; feasibility of interest rate and monetary base instruments; nominal indeterminacy as distinct from solution multiplicity; root-mean-square performance measures with interest rate and monetary base instruments; operationality of rule specifications; stochastic vs. counterfactual historical simulation procedures; interactions between monetary and fiscal policies; and the fiscal theory of the price level.},
}