Monetary policy rules: From Adam Smith to John Taylor
Twenty years ago, John Taylor proposed a simple idea to guide monetary policy. Quickly the idea spread, not only through academia, but also to the trading floors of Wall Street and the Federal Reserve's boardroom in Washington. Now, two decades later, the Taylor rule remains a focal point for discussions of monetary policy around the world.
Asso, P. F., & Leeson, R. (2012). Monetary policy rules: From Adam Smith to John Taylor. In E. F. Koening, R. Leeson, R., & G. A. Kahn (eds.). The Taylor rule and the transformation of monetary policy (pp. 3-62). Stanford, CA: Hoover Institution Press.