Carnegie-Rochester Conference Series on Public Policy

John B. Taylor

This 1993 Carnegie-Rochester Conference paper by John Taylor introduces what became known as the "Taylor rule" — a simple guideline for setting the federal funds rate, r = p + 0.5y + 0.5(p - 2) + 2, …

Robert E. Lucas Jr.

This 1976 Carnegie-Rochester Conference Series paper by Robert Lucas argues that the standard "theory of economic policy" -- simulating a fixed, estimated econometric model under alternative …

Michael Woodford

Woodford shows that the price level remains determinate even under two forms of radical money-supply endogeneity long thought to destroy monetary control -- a central-bank interest-rate peg and …

John H. Cochrane

Surveying the evidence for monetary, technology, oil-price, and credit shocks as drivers of postwar U.S. business cycles, Cochrane finds that none of these popular observable candidates robustly …