The role of policy rules in the conduct of monetary policy

ECB Workshop on 11/12 March 2002

On 11 and 12 March 2002 the Directorate Monetary Policy of the Directorate General Economics of the European Central Bank (ECB) held a workshop entitled "The role of policy rules in the conduct of monetary policy". The workshop was attended by experts from the 15 EU national central banks, the Federal Reserve System, the Bank of Japan, the Bank of Canada, the Reserve Bank of Australia, the Reserve Bank of New Zealand, the Swiss National Bank, Norges Bank and the Bank for International Settlements.

Papers

Monetary policy rules: theoretical issues and simulation

• "Implications of habit formation for optimal monetary policy", by Jeffery Amato (BIS) and Thomas Laubach (Board of Governors of the Federal Reserve System),  pdf 429 kB, en.
• "Open-economy inflation-forecast targeting", by Kai Leitemo (Norges Bank),  pdf  393 kB, en.
• "Effectiveness of history-dependent monetary policy", by Takeshi Kimura and Takushi Kurozumi (Bank of Japan),  pdf 528 kB, en.
• "The performance and robustness of simple monetary policy rules in models of the Canadian economy", by Denise Côté, John Kuszczak, Jean-Paul Lam, Ying Liu and Pierre St-Amant (Bank of Canada),  pdf 206 kB, en.
• "Monetary policy rules for the euro area: What role for national information?", by Paolo Angelini, Paolo del Giovane, Stefano Siviero and Daniele Terlizzese (Banca d'Italia),  pdf 1.5 MB, en.

Monetary policy rules: the role of money

• "Targeting inflation with a prominent role for money", by Ulf Söderström (Sveriges Riksbank),  pdf 227 kB, en.
• "Money growth monitoring and the Taylor Rule", by Lawrence J. Christiano and Massimo Rostagno (European Central Bank),  pdf 634 kB, en.
• "Is there a role for monetary aggregates in the conduct of monetary policy for the euro area?", by Michael Scharnagl (Deutsche Bundesbank),  pdf 194 kB, en.
• "Paradigm uncertainty and the role of monetary developments in monetary policy rules", by Huw Pill, Dieter Gerdesmeier and Roberto Motto (European Central Bank),  pdf 324 kB, en.

Monetary policy rules: estimation issues

• "Assessing GMM estimates of the Federal Reserve reaction function", by Clémentine Flores, Eric Jondeau and Hervé Le Bihan (Banque de France),  pdf 460 kB, en.
• "Monetary policy rules in practice: Evidence from New Zealand", by Angela Huang, Dimitri Margaritis and David Mayes (Reserve Bank of New Zealand and Suomen Pankki - Finlands Bank),  pdf 228 kB, en.

The role of monetary policy rules in actual monetary policy strategies

• "The Australian experience", by Chris Aylmer (Reserve Bank of Australia),  pdf 51 kB, en.
• "The role of endogenous monetary policy rules in New Zealand", by Tim Hampton (Reserve Bank of New Zealand),  pdf 55 kB, en.
• "Inflation forecasting at the Swiss National Bank", by Tomas Jordan and Michel Peytrignet (Swiss National Bank),  pdf 58 kB, en.
• "Monetary policy rules at the Bank of England", by Kalin Nikolov (Bank of England),  pdf 57 kB, en.