{"id":"https://openalex.org/W3109998378","doi":"https://doi.org/10.24148/wp2010-10","title":"Simple and Robust Rules for Monetary Policy","display_name":"Simple and Robust Rules for Monetary Policy","publication_year":2010,"publication_date":"2010-04-20","ids":{"openalex":"https://openalex.org/W3109998378","doi":"https://doi.org/10.24148/wp2010-10","mag":"3109998378"},"language":"en","primary_location":{"id":"doi:10.24148/wp2010-10","doi":"https://doi.org/10.24148/wp2010-10","is_oa":true,"landing_page_url":"https://doi.org/10.24148/wp2010-10","pdf_url":"http://www.frbsf.org/economic-research/files/wp10-10bk.pdf","source":{"id":"https://openalex.org/S4306510381","display_name":"Federal Reserve Bank of San Francisco, Working Paper Series","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Federal Reserve Bank of San Francisco, Working Paper Series","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"bronze","oa_url":"http://www.frbsf.org/economic-research/files/wp10-10bk.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101666528","display_name":"John B. Taylor","orcid":"https://orcid.org/0000-0001-7053-0080","observed_orcids":["https://orcid.org/0000-0001-7053-0080","https://orcid.org/0000-0002-9919-5818"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"John B. Taylor","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5028693672","display_name":"John C. Williams","orcid":"https://orcid.org/0000-0002-5886-0578","observed_orcids":["https://orcid.org/0000-0002-5886-0578","https://orcid.org/0000-0002-5473-5382","https://orcid.org/0000-0002-7527-7624","https://orcid.org/0009-0008-5517-1591","https://orcid.org/0000-0002-0647-6144","https://orcid.org/0000-0001-5773-5364"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"John C. Williams","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":null,"display_name":"Federal Reserve Bank of San Francisco","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Federal Reserve Bank of San Francisco","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.1528,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":{"value":0.92566816,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"2010","issue":"10","first_page":"01","last_page":"51"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy-rules","display_name":"monetary policy rules","score":0.9629999995231628},{"id":"https://openalex.org/keywords/simple-rules","display_name":"simple rules","score":0.6740000247955322},{"id":"https://openalex.org/keywords/rational-expectations","display_name":"rational expectations","score":0.6850000023841858},{"id":"https://openalex.org/keywords/sticky-prices","display_name":"price stickiness","score":0.9620000123977661},{"id":"https://openalex.org/keywords/optimal-policy-rules","display_name":"optimal policy rules","score":0.5879999995231628},{"id":"https://openalex.org/keywords/measurement-error","display_name":"measurement error","score":0.9179999828338623},{"id":"https://openalex.org/keywords/expectations","display_name":"expectations","score":0.6769999861717224},{"id":"https://openalex.org/keywords/asset-bubbles","display_name":"asset price bubbles","score":0.8569999933242798},{"id":"https://openalex.org/keywords/zero-lower-bound","display_name":"zero lower bound","score":0.8880000114440918},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.8989999890327454},{"id":"https://openalex.org/keywords/discretionary-policy","display_name":"discretionary policy","score":0.5720000267028809},{"id":"https://openalex.org/keywords/international-monetary-policy","display_name":"international monetary policy","score":0.902999997138977}],"concepts":[{"id":"https://openalex.org/C2780889827","wikidata":"https://www.wikidata.org/wiki/Q10756188","display_name":"Treasury","level":2,"score":0.7698202133178711},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7437939047813416},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.6372323036193848},{"id":"https://openalex.org/C2780586882","wikidata":"https://www.wikidata.org/wiki/Q7520643","display_name":"Simple (philosophy)","level":2,"score":0.6208688020706177},{"id":"https://openalex.org/C8112001","wikidata":"https://www.wikidata.org/wiki/Q161081","display_name":"Deflation","level":3,"score":0.6013713479042053},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5783179402351379},{"id":"https://openalex.org/C44725695","wikidata":"https://www.wikidata.org/wiki/Q288156","display_name":"Normative","level":2,"score":0.5607495307922363},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.5479944348335266},{"id":"https://openalex.org/C202655504","wikidata":"https://www.wikidata.org/wiki/Q16556980","display_name":"Forward guidance","level":5,"score":0.5442041754722595},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.45306453108787537},{"id":"https://openalex.org/C76178495","wikidata":"https://www.wikidata.org/wiki/Q4808784","display_name":"Asset (computer security)","level":2,"score":0.43553057312965393},{"id":"https://openalex.org/C2778078003","wikidata":"https://www.wikidata.org/wiki/Q8069596","display_name":"Zero lower bound","level":3,"score":0.42919570207595825},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.37753015756607056},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.3444053530693054},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.31259292364120483},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.2947961390018463},{"id":"https://openalex.org/C88583849","wikidata":"https://www.wikidata.org/wiki/Q5183768","display_name":"Credit channel","level":4,"score":0.202032208442688},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.24148/wp2010-10","doi":"https://doi.org/10.24148/wp2010-10","is_oa":true,"landing_page_url":"https://doi.org/10.24148/wp2010-10","pdf_url":"http://www.frbsf.org/economic-research/files/wp10-10bk.pdf","source":{"id":"https://openalex.org/S4306510381","display_name":"Federal Reserve Bank of San Francisco, Working Paper Series","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Federal Reserve Bank of San Francisco, Working Paper Series","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.24148/wp2010-10","doi":"https://doi.org/10.24148/wp2010-10","is_oa":true,"landing_page_url":"https://doi.org/10.24148/wp2010-10","pdf_url":"http://www.frbsf.org/economic-research/files/wp10-10bk.pdf","source":{"id":"https://openalex.org/S4306510381","display_name":"Federal Reserve Bank of San Francisco, Working Paper Series","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Federal Reserve Bank of San Francisco, Working Paper Series","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals","score":0.5199999809265137}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3109998378.pdf","grobid_xml":"https://content.openalex.org/works/W3109998378.grobid-xml"},"referenced_works_count":103,"referenced_works":["https://openalex.org/W179963684","https://openalex.org/W344790312","https://openalex.org/W1483554556","https://openalex.org/W1488543540","https://openalex.org/W1490348662","https://openalex.org/W1503740048","https://openalex.org/W1504905409","https://openalex.org/W1520617112","https://openalex.org/W1523310658","https://openalex.org/W1530577480","https://openalex.org/W1546812375","https://openalex.org/W1565601018","https://openalex.org/W1580321013","https://openalex.org/W1581499838","https://openalex.org/W1585441176","https://openalex.org/W1595956136","https://openalex.org/W1835197970","https://openalex.org/W1939907922","https://openalex.org/W1985919339","https://openalex.org/W1999535032","https://openalex.org/W2010428151","https://openalex.org/W2017053544","https://openalex.org/W2023850362","https://openalex.org/W2030297475","https://openalex.org/W2034092481","https://openalex.org/W2056909848","https://openalex.org/W2059964646","https://openalex.org/W2060957239","https://openalex.org/W2070720254","https://openalex.org/W2073141555","https://openalex.org/W2074879147","https://openalex.org/W2087234443","https://openalex.org/W2087373137","https://openalex.org/W2097218021","https://openalex.org/W2100844758","https://openalex.org/W2100946788","https://openalex.org/W2105520069","https://openalex.org/W2107716967","https://openalex.org/W2111612348","https://openalex.org/W2112449629","https://openalex.org/W2115083425","https://openalex.org/W2115356539","https://openalex.org/W2118389219","https://openalex.org/W2127680685","https://openalex.org/W2128051034","https://openalex.org/W2132814156","https://openalex.org/W2133534913","https://openalex.org/W2135422029","https://openalex.org/W2135814741","https://openalex.org/W2140898820","https://openalex.org/W2146272901","https://openalex.org/W2148925703","https://openalex.org/W2149855692","https://openalex.org/W2152530165","https://openalex.org/W2155448363","https://openalex.org/W2155635319","https://openalex.org/W2156993613","https://openalex.org/W2160763275","https://openalex.org/W2165877637","https://openalex.org/W2166112189","https://openalex.org/W2168389395","https://openalex.org/W2169417293","https://openalex.org/W2170589971","https://openalex.org/W2222343883","https://openalex.org/W2242021467","https://openalex.org/W2243865792","https://openalex.org/W2324733845","https://openalex.org/W2748762997","https://openalex.org/W2889772355","https://openalex.org/W2900017744","https://openalex.org/W2906023743","https://openalex.org/W2964432269","https://openalex.org/W3020861401","https://openalex.org/W3121171320","https://openalex.org/W3121447431","https://openalex.org/W3122056445","https://openalex.org/W3122147081","https://openalex.org/W3122672903","https://openalex.org/W3122994369","https://openalex.org/W3123707992","https://openalex.org/W3123880007","https://openalex.org/W3124603205","https://openalex.org/W3124757963","https://openalex.org/W3125561991","https://openalex.org/W3125714774","https://openalex.org/W4231129880","https://openalex.org/W4231137218","https://openalex.org/W4239992803","https://openalex.org/W4242947529","https://openalex.org/W4244279213","https://openalex.org/W4248852645","https://openalex.org/W4295524107","https://openalex.org/W4298241531","https://openalex.org/W4298279863","https://openalex.org/W4301323403","https://openalex.org/W4301789241","https://openalex.org/W4301954824","https://openalex.org/W4302434060","https://openalex.org/W4388266609","https://openalex.org/W6629034613","https://openalex.org/W6672561668","https://openalex.org/W6674217083","https://openalex.org/W6766898628"],"related_works":["https://openalex.org/W7113397861","https://openalex.org/W7098039565","https://openalex.org/W80060149","https://openalex.org/W3124356948","https://openalex.org/W1488543540","https://openalex.org/W7096061405","https://openalex.org/W7097256808","https://openalex.org/W7071084959","https://openalex.org/W2155448363","https://openalex.org/W7097705410"],"abstract_inverted_index":{"This":[0],"paper":[1],"focuses":[2],"on":[3,28,154,167,182,187],"simple":[4,99,114],"normative":[5],"rules":[6,22,58,78,100,115,157],"for":[7],"monetary":[8,30,184],"policy":[9,74,156,194],"which":[10],"central":[11,131],"banks":[12],"can":[13,116],"use":[14],"to":[15,97,101,177],"guide":[16],"their":[17],"interest":[18,168],"rate":[19],"decisions.":[20],"Such":[21],"were":[23,134],"first":[24],"derived":[25],"from":[26,193],"research":[27,153,181],"empirical":[29],"models":[31,72],"with":[32,64,103,160],"rational":[33],"expectations":[34],"and":[35,42,69,73,106,163,186],"sticky":[36],"prices":[37],"built":[38],"in":[39,54,94,119,123],"the":[40,45,120,164,172,178,188],"1970s":[41],"1980s.":[43],"During":[44],"past":[46],"two":[47],"decades":[48],"substantial":[49],"progress":[50,89],"has":[51,90,111,127,143,150,174],"been":[52,92,128],"made":[53,93],"establishing":[55],"that":[56,113,124],"such":[57,137],"are":[59,79],"robust.":[60],"They":[61],"perform":[62],"well":[63,118],"a":[65],"variety":[66],"of":[67,180,190],"newer":[68],"more":[70,82],"rigorous":[71],"evaluation":[75],"methods.":[76],"Simple":[77],"also":[80,91],"frequently":[81],"robust":[83],"than":[84],"fully":[85],"optimal":[86],"rules.":[87,138,195],"Important":[88],"understanding":[95],"how":[96,155],"adjust":[98],"deal":[102,159],"measurement":[104],"error":[105],"expectations.":[107],"Moreover,":[108],"historical":[109],"experience":[110],"shown":[112],"work":[117],"real":[121],"world":[122],"macroeconomic":[125],"performance":[126],"better":[129],"when":[130],"bank":[132],"decisions":[133],"described":[135],"by":[136],"The":[139],"recent":[140],"financial":[141],"crisis":[142,173],"not":[144],"changed":[145],"these":[146],"conclusions,":[147],"but":[148],"it":[149],"stimulated":[151],"important":[152],"should":[158],"asset":[161],"bubbles":[162],"zero":[165],"bound":[166],"rates.":[169],"Going":[170],"forward":[171],"drawn":[175],"attention":[176],"importance":[179],"international":[183],"issues":[185],"implications":[189],"discretionary":[191],"deviations":[192]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":5},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":3}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2020-12-07T00:00:00"}