TY  - JOUR
AU  - McCallum,Bennett T.
TI  - Issues in the Design of Monetary Policy Rules
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6016
PY  - 1997
Y2  - April 1997
UR  - http://www.nber.org/papers/w6016
L1  - http://www.nber.org/papers/w6016.pdf
N1  - Author contact info:
Bennett T. McCallum
Tepper School of Business, Posner 256
Carnegie Mellon University
Pittsburgh, PA 15213
Tel: 412/268-2347
Fax: 412/268-6830
E-Mail: bm05@andrew.cmu.edu
AB  - 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.
ER  -