Paper highlights influence of Taylor rule

The rise in influence of the Taylor rule, which shows how monetary policy should adjust to ensure growth and inflation remain near target levels, played an important part in the shift towards a more transparent, more independent era of central banking, says research published by the Kansas City Federal Reserve.

"The Taylor rule became an operational framework for central banks just as time-consistency, transparency and independence replaced a culture of discretion, 'mystique' and 'democracy'

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