SF Fed: crisis showed simple policy rules more effective

san-francisco-federal-reserve

A paper published by the San Francisco Federal Reserve in April looks at the effectiveness of simple normative rules for monetary policy, which have guided central banks and their interest rates decisions.

Many of the rules on empirical monetary models derived in the 1970s and 1980s have shown that simple rules have frequently been more robust than fully optimal rules. The recent financial crisis has stimulated important research on how policy rules should deal with asset bubbles and the zero

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