14/02/2022
قاعدة تايلووووووور
لطلاب العلم والخبرا تبعنا .. هاي القاعدة قاعدة تايلور مش موجودة في كتب الاقتصاد تبعنا اذا بتحبو تتعرفوا عليها وتفهمو اليات تغيير اسعار الفائدة بامريكا مثلا
Taylor rules
An objective way to translate data into policy actions is to look at different specifications
of the Taylor-rule (in the spirit of Taylor (1993)). The Taylor-rule is a monetary policy rule
describing the appropriate relationship between the policy rate, the natural rate of interest
(the equilibrium rate), inflation and output gap. The rule suggests that central banks should
tighten monetary policy when inflation is high and the output gap is closed/positive and
vice versa. By looking at four different specifications of the Taylor-rule (the original
Taylor-rule, the Taylor-rule with inflation expectations instead of actual inflation, the
Bernanke-rule (higher weight on output gap) and the Bernanke-rule with inflation
expectations instead of actual inflation), we find that the Federal Reserve is behind the
curve based on all four models. We look at the Taylor-rule including inertia (i.e. taking into
account that the Fed usually conducts monetary policy more gradually than suggested by
the original Taylor-rule) and core inflation instead of actual inflation (in order to remove
commodity and food prices). We find that the Fed is at least 60-110bp behind the curve
already (60bp by just looking at the current upper level of the Fed funds target range of
0.25% and 100bp by looking at the so-called shadow rate which tries capturing the QE
effect) when looking at the two rules with inflation expectations, as long-term inflation
expectations have not increased as much as CPI core inflation. When looking at the two
rules with CPI core inflation, the Fed is 200-250bp behind the curve.