John B. Taylor

TL;DR: In this article, the authors examine how recent econometric policy evaluation research on monetary policy rules can be applied in a practical policymaking environment, and the discussion centers around a hypothetical but representative policy rule much like that advocated in recent research.

TL;DR: In this article, the authors show that staggered wage contracts as short as 1 year are capable of generating the type of unemployment persistence which has been observed during postwar business cycles in the United States.

TL;DR: In this article, the authors present a co-operative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, and present their findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment and exchange.

TL;DR: In this article, the authors present a co-operative research effort that allowed contributors to evaluate different policy rules using their own specific approaches, and present their findings on the potential response of interest rates to an array of variables, including alterations in the rates of inflation, unemployment and exchange.

TL;DR: In this paper, a microeconomic model of price setting is used to show that lower pass-through is caused by lower perceived persistence of cost changes, suggesting that the low inflation itself has caused the low passthrough, and an economy-wide model consistent with the micromodel is presented to illustrate how such changes in pricing power affect output and inflation dynamics in favorable ways, but can disappear quickly if monetary policy and expectations change.