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Journal Article
Monetary Policy at the Zero Lower Bound: Revelations from the FOMC's Summary of Economic Projections
George A. Kahn and Andrew Palmer assess how FOMC participants' projections that policy would lift off from its effective lower bound related to their projections for inflation and unemployment. The article is summarized in The Macro Bulletin.
Journal Article
Federal Funds Rates Based on Seven Simple Monetary Policy Rules
Monetary policymakers often use simple monetary policy rules, like the Taylor rule, as an input into their decision-making. However, there are many different simple rules, and there is no agreement on a single ?best? rule. We look at the federal funds rates coming from seven simple rules and three economic forecasts to investigate the range of results that can be produced. While there are some commonalities, we document that the differences in the federal funds rates suggested by the rules can be quite pronounced.