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John Taylor's Contributions to Monetary Theory and Policy

Federal Reserve Bank of Dallas
October 12–13, 2007

Organizers:
Lawrence Christiano, Northwestern University
Evan F. Koenig, Federal Reserve Bank of Dallas
Robert Leeson, Hoover Institution and Stanford University
Andrew Levin, Federal Reserve Board

John Taylor has had an enormous impact on how we think about monetary policy and the channels through which it affects the economy. His notion of a trade-off between the variability of inflation and of output (the Taylor Curve), his approach to modeling nominal rigidities (Taylor contracts), and his characterization of how policy has been and ought to be conducted (the Taylor Rule and associated Taylor Principle) have each had an influence that has proven to be enduring and pervasive. These and other contributions were the subject of a conference that was hosted by the Federal Reserve Bank of Dallas on October 12 and 13, 2007.

About the Speakers PDF

Agenda

Friday, October 12

8:10 a.m.

Opening Remarks off-site
Fed Chairman Ben S. Bernanke (videoconference)

8:25 a.m.

Welcome
President Richard W. Fisher

8:30 a.m.

Looking Back: Historical Perspective on Policy Rules

 

Monetary Policy Rules from Adam Smith to Taylor PDF
Francesco Asso, George Kahn and Robert Leeson

 

Friedman and Taylor on Monetary Policy Rules: A Comparison PDF
Presentation PDF
Commentator: Edward Nelson

9:15 a.m.

Staggered Wage/Price Setting and Nominal Rigidities

 

Two Versions of John Taylor's Model of Nominal Price Adjustments PDF
Presentation PDF
Bennett T. McCallum

 

New Micro Evidence on Price Rigidities
Presentation PDF
Martin Eichenbaum, Nir Jaimovich and Sergio Rebelo

 

Presentation PDF
Commentator: Frank Smets

11:00 a.m.

The Design of Monetary Policy

 

Optimal Monetary Policy in a Model with Distinct Core and Headline Inflation Rates PDF
Presentation PDF
Martin Bodenstein, Chris Erceg and Luca Guerrieri

 

Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy PDF
Andrew Levin, Edward Nelson, David López-Salido and Tack Yun

 

Presentation PDF
Commentator:
Mark Gertler

12:30 p.m.

Lunch

 

Remarks by Robert E. Lucas Jr. PDF

1:45 p.m.

Globalization and Monetary Policy

 

Reflections on Monetary Policy Choices in the Open Economy: Implications from an Optimizing Model PDF
PresentationPDF
Richard Clarida

 

Worldwide Macroeconomic Stability and Monetary Policy Rules PDF
Presentation PDF
James Bullard and Aarti Singh

 

PresentationPDF
Commentator:
Prakash Loungani

3:30 p.m.

Policy Rules and Financial Markets

 

Examining the Bond Premium Puzzle with a DSGE Model PDF
Presentation PDF
Glenn Rudebusch and Eric Swanson

 

Taylor Rules with Real-Time Data: A Tale of Two Countries and One Exchange Rate
Presentation PDF
Tanya Molodtsova, Alex Nikolsko Rzhevskyy and David Papell

 

Commentator: Monika Piazzesi

5:00 p.m.

Policy Roundtable

 

Rules and Discretion PDF
Lawrence Christiano

 

John Taylor and the Theory and Practice of Central Banking—Some Reflections PDF
Otmar Issing

 

Guillermo Ortiz

  Policymakers Roundtable PDF
Janet Yellen
 

Moderator: Richard W. Fisher

6:30 p.m.

Reception

7:00 p.m.

Dinner

 

John Taylor Rules off-site
Remarks by Fed Vice Chairman Donald L. Kohn

Saturday, October 13

8:30 a.m.

Learning and Uncertainty

 

Central Bank Misperceptions and the Role of Money in Interest-Rate Rules PDF
Presentation Powerpoint
Guenter W. Beck and Volker Wieland

 

Learning, Expectations Formation, and the Pitfalls of Optimal Control Monetary Policy PDF
Presentation PDF
Athanasios Orphanides and John Williams

 

Fiscal and Monetary Policy Interactions
Presentation PDF
Christopher A. Sims

10:30 a.m.

Wage and Price Contracts and Bargaining

 

Equilibrium Sticky Prices PDF
Presentation PDF
Robert E. Hall

 

Minimally Altruistic Wages and Unemployment in a Matching Modeloff-site
Presentation PDF
Julio J. Rotemberg

 

Presentation PDF
Commentator:
Alexander L. Wolman

Noon

Looking Ahead

 

Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice PDF
Michael Woodford

 

The Dual Nature of Forecast Targeting and Instrument Rules: A Comment on Michael Woodford’s “Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice”PDF
Presentation PDF
Commentator:
John B. Taylor

12:45 p.m.

Lunch and Adjourn

 

Remarks by John Lipsky

 

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