Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/128211
Authors: 
Taylor, John B.
Year of Publication: 
2010
Series/Report no.: 
CASE Network Studies & Analyses 402
Abstract: 
This paper shows that the monetary policy paradigm that was in place before the financial crisis worked very well and that the crisis occurred only after policy makers deviated from that paradigm. The paper also evaluates monetary policy during the financial crisis by dividing the crisis into three periods: pre-panic, panic and post-panic. It shows that the extraordinary measures did not work well in the pre-panic or the post-panic periods; instead they helped bring on the panic, even though they may have some positive impact during the panic. The implication of the paper is that the crisis does not call for a new paradigm for monetary policy.
Subjects: 
Financial crisis
monetary policy rule
Taylor rule
quantitative easing
JEL: 
E43
E52
E58
G01
Document Type: 
Research Report

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.