{"id":"https://openalex.org/W3124705940","doi":"https://doi.org/10.7148/2009-0457-0462","title":"Taylor-Type Rules And Permanent Shifts In Productivity Growth","display_name":"Taylor-Type Rules And Permanent Shifts In Productivity Growth","publication_year":2009,"publication_date":"2009-06-09","ids":{"openalex":"https://openalex.org/W3124705940","doi":"https://doi.org/10.7148/2009-0457-0462","mag":"3124705940"},"language":"en","primary_location":{"id":"doi:10.7148/2009-0457-0462","is_oa":false,"landing_page_url":"https://doi.org/10.7148/2009-0457-0462","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"ECMS 2009 Proceedings edited by J. Otamendi, A. Bargiela, J. L. Montes, L. M. Doncel Pedrera","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5076896500","display_name":"William T. Gavin","orcid":"https://orcid.org/0000-0002-9319-5622"},"institutions":[{"id":"https://openalex.org/I8692664","display_name":"University of Oklahoma","ror":"https://ror.org/02aqsxs83","country_code":"US","type":"education","lineage":["https://openalex.org/I8692664"]},{"id":"https://openalex.org/I77793887","display_name":"Federal Reserve Bank of St. Louis","ror":"https://ror.org/02skhjj30","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I77793887"]},{"id":"https://openalex.org/I102401767","display_name":"University of Arkansas at Little Rock","ror":"https://ror.org/04fttyv97","country_code":"US","type":"education","lineage":["https://openalex.org/I102401767"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"William T. Gavin","raw_affiliation_strings":["University of Oklahoma","University of Arkansas at Little Rock","Federal Reserve Bank of St. Louis"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Oklahoma","institution_ids":["https://openalex.org/I8692664"]},{"raw_affiliation_string":"University of Arkansas at Little Rock","institution_ids":["https://openalex.org/I102401767"]},{"raw_affiliation_string":"Federal Reserve Bank of St. Louis","institution_ids":["https://openalex.org/I77793887"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5069351088","display_name":"Michael R. Pakko","orcid":null},"institutions":[{"id":"https://openalex.org/I77793887","display_name":"Federal Reserve Bank of St. Louis","ror":"https://ror.org/02skhjj30","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I77793887"]},{"id":"https://openalex.org/I8692664","display_name":"University of Oklahoma","ror":"https://ror.org/02aqsxs83","country_code":"US","type":"education","lineage":["https://openalex.org/I8692664"]},{"id":"https://openalex.org/I102401767","display_name":"University of Arkansas at Little Rock","ror":"https://ror.org/04fttyv97","country_code":"US","type":"education","lineage":["https://openalex.org/I102401767"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Michael R. Pakko","raw_affiliation_strings":["University of Oklahoma","University of Arkansas at Little Rock","Federal Reserve Bank of St. Louis"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Oklahoma","institution_ids":["https://openalex.org/I8692664"]},{"raw_affiliation_string":"University of Arkansas at Little Rock","institution_ids":["https://openalex.org/I102401767"]},{"raw_affiliation_string":"Federal Reserve Bank of St. Louis","institution_ids":["https://openalex.org/I77793887"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5003427649","display_name":"Benjamin D. Keen","orcid":"https://orcid.org/0000-0002-0005-3626"},"institutions":[{"id":"https://openalex.org/I102401767","display_name":"University of Arkansas at Little Rock","ror":"https://ror.org/04fttyv97","country_code":"US","type":"education","lineage":["https://openalex.org/I102401767"]},{"id":"https://openalex.org/I77793887","display_name":"Federal Reserve Bank of St. Louis","ror":"https://ror.org/02skhjj30","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608","https://openalex.org/I77793887"]},{"id":"https://openalex.org/I8692664","display_name":"University of Oklahoma","ror":"https://ror.org/02aqsxs83","country_code":"US","type":"education","lineage":["https://openalex.org/I8692664"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Benjamin D. Keen","raw_affiliation_strings":["Federal Reserve Bank of St. Louis","University of Arkansas at Little Rock","University of Oklahoma"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Federal Reserve Bank of St. Louis","institution_ids":["https://openalex.org/I77793887"]},{"raw_affiliation_string":"University of Arkansas at Little Rock","institution_ids":["https://openalex.org/I102401767"]},{"raw_affiliation_string":"University of Oklahoma","institution_ids":["https://openalex.org/I8692664"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5076896500"],"corresponding_institution_ids":["https://openalex.org/I102401767","https://openalex.org/I77793887","https://openalex.org/I8692664"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.60791984,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"457","last_page":"462"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9987999796867371,"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":0.9987999796867371,"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/T11742","display_name":"Economic Theory and Policy","score":0.9958999752998352,"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/T14112","display_name":"Economic, financial, and policy analysis","score":0.9872999787330627,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/taylor-rule","display_name":"Taylor rule","score":0.8472837209701538},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.8055902123451233},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"Monetary policy","score":0.6978890895843506},{"id":"https://openalex.org/keywords/output-gap","display_name":"Output gap","score":0.6699483394622803},{"id":"https://openalex.org/keywords/productivity","display_name":"Productivity","score":0.5971211194992065},{"id":"https://openalex.org/keywords/new-keynesian-economics","display_name":"New Keynesian economics","score":0.5867910981178284},{"id":"https://openalex.org/keywords/shock","display_name":"Shock (circulatory)","score":0.5789685249328613},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.5273298025131226},{"id":"https://openalex.org/keywords/business-cycle","display_name":"Business cycle","score":0.522584080696106},{"id":"https://openalex.org/keywords/inflation","display_name":"Inflation (cosmology)","score":0.5134259462356567},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.48348671197891235},{"id":"https://openalex.org/keywords/inflation-targeting","display_name":"Inflation targeting","score":0.4601578712463379},{"id":"https://openalex.org/keywords/growth-rate","display_name":"Growth rate","score":0.4599873125553131},{"id":"https://openalex.org/keywords/welfare","display_name":"Welfare","score":0.42029911279678345},{"id":"https://openalex.org/keywords/macroeconomics","display_name":"Macroeconomics","score":0.4001975357532501},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.3187479078769684},{"id":"https://openalex.org/keywords/central-bank","display_name":"Central bank","score":0.2259262204170227},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.07227054238319397},{"id":"https://openalex.org/keywords/market-economy","display_name":"Market economy","score":0.05463862419128418}],"concepts":[{"id":"https://openalex.org/C2778222704","wikidata":"https://www.wikidata.org/wiki/Q1898150","display_name":"Taylor rule","level":4,"score":0.8472837209701538},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8055902123451233},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6978890895843506},{"id":"https://openalex.org/C2779513878","wikidata":"https://www.wikidata.org/wiki/Q631916","display_name":"Output gap","level":3,"score":0.6699483394622803},{"id":"https://openalex.org/C204983608","wikidata":"https://www.wikidata.org/wiki/Q2111958","display_name":"Productivity","level":2,"score":0.5971211194992065},{"id":"https://openalex.org/C10688316","wikidata":"https://www.wikidata.org/wiki/Q936174","display_name":"New Keynesian economics","level":3,"score":0.5867910981178284},{"id":"https://openalex.org/C2781300812","wikidata":"https://www.wikidata.org/wiki/Q178061","display_name":"Shock (circulatory)","level":2,"score":0.5789685249328613},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5273298025131226},{"id":"https://openalex.org/C83873408","wikidata":"https://www.wikidata.org/wiki/Q192311","display_name":"Business cycle","level":2,"score":0.522584080696106},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.5134259462356567},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.48348671197891235},{"id":"https://openalex.org/C185824701","wikidata":"https://www.wikidata.org/wiki/Q1193759","display_name":"Inflation targeting","level":3,"score":0.4601578712463379},{"id":"https://openalex.org/C2778312390","wikidata":"https://www.wikidata.org/wiki/Q4139973","display_name":"Growth rate","level":2,"score":0.4599873125553131},{"id":"https://openalex.org/C100243477","wikidata":"https://www.wikidata.org/wiki/Q12002092","display_name":"Welfare","level":2,"score":0.42029911279678345},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.4001975357532501},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3187479078769684},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.2259262204170227},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.07227054238319397},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.05463862419128418},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.7148/2009-0457-0462","is_oa":false,"landing_page_url":"https://doi.org/10.7148/2009-0457-0462","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"ECMS 2009 Proceedings edited by J. Otamendi, A. Bargiela, J. L. Montes, L. M. Doncel Pedrera","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.7200000286102295}],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":27,"referenced_works":["https://openalex.org/W1482401614","https://openalex.org/W1490213177","https://openalex.org/W1531018615","https://openalex.org/W1968375151","https://openalex.org/W1994392020","https://openalex.org/W2027045220","https://openalex.org/W2115356539","https://openalex.org/W2123826923","https://openalex.org/W2134437265","https://openalex.org/W2140898820","https://openalex.org/W2144395073","https://openalex.org/W2146514550","https://openalex.org/W2148821773","https://openalex.org/W2155448363","https://openalex.org/W2157718634","https://openalex.org/W2166410049","https://openalex.org/W3020861401","https://openalex.org/W3121329313","https://openalex.org/W3121399440","https://openalex.org/W3121867527","https://openalex.org/W3122258427","https://openalex.org/W3122747666","https://openalex.org/W3123039527","https://openalex.org/W3123542913","https://openalex.org/W3124188453","https://openalex.org/W3126136237","https://openalex.org/W4247765758"],"related_works":["https://openalex.org/W2110114533","https://openalex.org/W3122789658","https://openalex.org/W3121930735","https://openalex.org/W2100729348","https://openalex.org/W3152309503","https://openalex.org/W1571065673","https://openalex.org/W4206590086","https://openalex.org/W2259112270","https://openalex.org/W177684173","https://openalex.org/W1524275879"],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"the":[3,10,20,48,58,77,82,86,90,94,98,120],"impact":[4],"of":[5],"a":[6,15,52,69,114],"permanent":[7,70],"shock":[8,72,116],"to":[9,30],"productivity":[11,38,71,115],"growth":[12,39,79,100],"rate":[13,80],"in":[14,109],"New":[16],"Keynesian":[17],"model":[18],"when":[19,47,73],"central":[21,49],"bank":[22,50],"does":[23],"not":[24],"immediately":[25],"adjust":[26],"its":[27],"policy":[28,54,75],"rule":[29,55],"that":[31,35,56,63],"shock.Our":[32],"results":[33],"show":[34],"inflation":[36,64,91,112],"and":[37,101,111],"are":[40],"negatively":[41],"correlated":[42],"at":[43],"business":[44],"cycle":[45],"frequencies":[46],"follows":[51],"Taylor-type":[53],"targets":[57,76],"output":[59,78,83,99,110],"gap.We":[60],"then":[61],"demonstrate":[62],"is":[65],"more":[66],"stable":[67],"after":[68,113],"monetary":[74],"(not":[81,89],"gap)":[84],"or":[85],"price-level":[87,102],"path":[88,103],"rate).As":[92],"for":[93],"welfare":[95],"implications,":[96],"both":[97],"rules":[104],"generate":[105],"much":[106],"less":[107],"volatility":[108],"than":[117],"occurs":[118],"with":[119],"Taylor":[121],"rule.":[122]},"counts_by_year":[],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}