Podejście nowej ekonomii keynesowskiej do polityki reguł (w świetle analizy reguły J. B. Taylora)
New Keynesian Approach to Rule Policy (Analysis of Taylor Rule)
Languages of publication
The paper examines Taylor rule as an example of active rules. This sort of rules reacts in response to changes in economy (f.e. in rate of unemployment or price level). The first part of paper presents evaluation of concepts about monetary policy and about the famous debate between keynesizm and inonetarizm: disrections versus rules. This question is still considered and developed by New Keynesian. New Keynesizm doesn’t advocate for pure discretions any more. But there is some scepticizm about rules that can be applied successfully in a practical policymaking enviroument. The Taylor rule gives possibility to unify in one some simply algebraical rule two very important properties required from good policy: flexibility and credibility. At the same time elasticity in applying rule in practice can result in difficulties in distinguishing between policy “responsive” rule and “constrained discretion”. In the last section of paper Taylor rule is analysed according to concepts o f New Keynesizm. Especially issues like neutrality of money and the role of rational expectations in effectiveness of policy are considered. A new consensus model is a prof how Taylor rule is important in modem economic theory.
Publication order reference