Monetary economics, the Taylor Rule, fiscal policy, and economic growth
The Capitalism and Freedom in the Twenty-First Century Podcast
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The Origins of the Taylor Rule
Stanford professor came up with the idea of having a monetary policy rule or would later be named a Taylor rule. Initially, it was sort of used as this third equation to allow for the determinacy of equilibrium. And it turned out, I think later, a great description of the world and how the Fed actually would follow monetary policy.
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