Monetary Policy Rules.

NBER Research Associate John B. Taylor, also of Stanford University, organized a three-day NBER conference on "Monetary Policy Rules" which took place in Florida on January 15-18. This conference brought together academic economists whose research deals with monetary policy and representatives of the Federal Reserve System.

The papers presented at the conference, summarized here, and their discussions will be published in an NBER conference volume by the University of Chicago Press; its availability will be announced in a future issue of the NBER Reporter. They are:

Bennett T. McCallum, NBER and Carnegie Mellon University, and Edward Nelson, Carnegie Mellon University, "Performance of Operational Policy Rules in an Estimated Semi-Classical Structural Model"

Discussant: Mark Gertler, NBER and New York University

Michael Woodford, NBER and Princeton University, and Julio J. Rotemberg, NBER and Harvard University, "Interest Rate Rules in an Estimated Sticky Price Model"

Discussant: Martin S. Feldstein, NBER and Harvard University

Laurence M. Ball, NBER and Johns Hopkins University, "Policy Rules for Open Economies"

Discussant: Thomas J. Sargent, NBER and Stanford University

Nicoletta Batini and Andrew Haldane, Bank of England, "Forward-Looking Rules for Monetary Policy"

Discussant: Donald Kohn, Federal Reserve System

Glenn Rudebusch, Federal Reserve Bank of San Francisco, and Lars Svensson, NBER and Institute for International Economic Studies in Stockholm, "Policy Rules for Inflation Targeting"

Discussant: James H. Stock, NBER and Harvard University

Andrew Levin, Volcker Weiland, and John C. Williams, Federal Reserve Board, "Are Simple Monetary Policy Rules Robust to Model Uncertainty?"

Discussant: Lawrence Christiano, NBER and Northwestern University

John B. Taylor, "An Historical Analysis of Monetary Policy Rules"

Discussant: Richard H. Clarida NBER and Columbia University

Robert King, NBER and University of Virginia, and Alexander L. Wolman, Federal Reserve Bank of Richmond, "What Should Monetary Policy Do When Prices Are Sticky?"

Discussant: Benjamin M. Friedman, NBER and Harvard University

Arturo Estrella, Federal Reserve Bank of New York, and Frederic S. Mishkin, NBER and Columbia University, "The Role of NAIRU in Monetary Policy: Implications of Uncertainty and Model Selection"

Discussant: Robert E. Hall, NBER and Stanford University.

McCallum and Nelson explore several questions relating to the design of rules for monetary policy...