A Historical Analysis of the Taylor Curve

被引：9

作者：

Olson, Eric ^{[1
]}

Enders, Walter ^{[2
]}

机构：

[1] Pepperdine Univ, Econ Social Sci Div, Malibu, CA 90263 USA

[2] Univ Alabama, Dept Econ & Finance, Tuscaloosa, AL 35487 USA

来源：

JOURNAL OF MONEY CREDIT AND BANKING | 2012年 / 44卷 / 07期

关键词：

C32; E31; E58; monetary policy; Taylor principle; Phillips curve; optimal control;

D O I：

10.1111/j.1538-4616.2012.00532.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Taylor (1979) shows that there is a permanent trade-off between the volatilities of the output gap and inflation. Although a number of papers argue that the so-called Taylor curve is a policy menu, we use it as an efficiency locus to gauge the appropriateness of monetary policy. We examine the efficiency of U.S. monetary policy from 1875 onward by measuring the orthogonal distance between the observed volatilities of the output gap and inflation from the Taylor curve. We also identify time periods in which the variability of the U.S. economy changed by observing shifts in this efficiency frontier.

引用

页码：1285 / 1299

页数：15

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