Orphanides, Athanasios - Federal Reserve Board (Board of Governors of the … - 2007
2007
Abstract
Taylor rules are simple monetary policy rules that prescribe how a central bank
should adjust its interest … alternatives
in abstract theoretical terms, in the context of empirical macroeconometric mod-
els, and in terms of the practical … natural rate of interest is merely an abstract, unobservable concept, however, he
noted: \This does not mean that the bank …