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Applied Economics Letters Volume 28, 2021 - Issue 1
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Research Article

Is the Taylor rule optimal? Evaluation using a wavelet-based control model

Patrick M. CrowleyDepartment of Decision Sciences and Economics, College of Business, Texas A & M University – Corpus Christi, Corpus Christi, TX, USA
&
David HudginsDepartment of Decision Sciences and Economics, College of Business, Texas A & M University – Corpus Christi, Corpus Christi, TX, USACorrespondence[email protected]
Pages 54-60 | Published online: 20 Feb 2020

References

  • Aguiar-Conraria, L., M. Martins, and M. Soares. 2018. “Estimating the Taylor Rule in the Time-frequency Domain.” Journal of Macroeconomics 57: 122–137. doi:10.1016/j.jmacro.2018.05.008.
  • Alfonso, A., J. Alves, and R. Balhote. 2019. “Interaction between Fiscal and Monetary Policies.” Journal of Applied Economics 22: 131–150.
  • Bernanke, D. 2015. “The Taylor Rule: A Benchmark for Monetary Policy?” Brookings. https://www.brookings.edu/blog/ben-bernanke/2015/04/28/the-taylor-rule-a-benchmark-for-monetary-policy/
  • Choi, W., and Y. Wen 2010. “Dissecting Taylor Rules in a Structural VAR, Working Paper 2010-005A.” Federal Reserve Bank of St. Louis.
  • Crowley, P., and D. Hudgins. 2015. “Fiscal Policy Tracking Design in the Time–frequency Domain Using Wavelet Analysis.” Economic Modelling 51: 501–514. doi:10.1016/j.econmod.2015.09.001.
  • Crowley, P., and D. Hudgins. 2017. “Wavelet-based Monetary and Fiscal Policy in the Euro Area under Optimal Tracking Control.” Journal of Policy Modeling 39 (2): 206–231. doi:10.1016/j.jpolmod.2017.01.005.
  • Crowley, P., and D. Hudgins. 2018a. “Evaluating South African Fiscal and Monetary Policy Tradeoffs Using a Simulated Wavelet-based Model.” South African Journal of Economics 86 (4): 401–427. doi:10.1111/saje.12206.
  • Crowley, P., and D. Hudgins. 2018b. “What Is the Right Balance between U.S. Monetary and Fiscal Policy? Explorations Using Simulated Wavelet-based Optimal Tracking Control.” Empirical Economics 55 (4): 1537–1568. doi:10.1007/s00181-017-1326-2.
  • Crowley, P., and D. Hudgins 2019. “U.S. Macroeconomic Policy Evaluation in an Open Economy Context Using Wavelet Decomposed Optimal Control Methods.” Discussion Paper No. 11, Bank of Finland.
  • Kahn, G. 2018. “Understanding Hawks and Doves, the Macro Bulletin of the Kansas City Federal Reserve.” https://www.kansascityfed.org/publications/research/mb/articles/2018/understanding-hawks-and-doves
  • Kliesen, D. 2019a. “Is the Fed following a “Modernized” Version of the Taylor Rule? Part 1.” Economic Synopses, No. 2. doi:10.20955/es.2019.2.
  • Kliesen, D. 2019b. “Is the Fed following a “Modernized” Version of the Taylor Rule? Part 2.” Economic Synopses, No 3. doi:10.20955/es.2019.3.
  • Malmendier, U. S., S. Nagel, and Z. Yan 2017. “The Making of Hawks and Doves: Inflation Experiences on the FOMC.” NBER Working Paper No. 23228. https://www.nber.org/papers/w23228

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