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In economics, a Taylor rule is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. In particular, the rule stipulates that for each one-percent increase in inflation, the central bank should raise the nominal interest rate by more than one percentage point. This aspect of the rule is often called the Taylor principle. The rule was first proposed by John B. Taylor,〔 (The rule is introduced on page 202.)〕 and simultaneously by Dale W. Henderson and Warwick McKibbin in 1993. It is intended to foster price stability and full employment by systematically reducing uncertainty and increasing the credibility of future actions by the central bank. It may also avoid the inefficiencies of time inconsistency from the exercise of discretionary policy.〔Athanasios Orphanides (2008). "Taylor rules," ''The New Palgrave Dictionary of Economics'', 2nd Edition. v. 8, pp. 2000-2004.(Abstract. )〕〔Paul Klein (2009). "time consistency of monetary and fiscal policy," ''The New Palgrave Dictionary of Economics''. 2nd Edition. (Abstract. )〕 The Taylor rule synthesized, and provided a compromise between, competing schools of economics thought in a language devoid of rhetorical passion. Although many issues remain unresolved and views still differ about how the Taylor rule can best be applied in practice, research shows that the rule has advanced the practice of central banking. ==As an equation== According to Taylor's original version of the rule, the nominal interest rate should respond to divergences of actual inflation rates from ''target'' inflation rates and of actual Gross Domestic Product (GDP) from ''potential'' GDP: : In this equation, is the target short-term nominal interest rate (e.g. the federal funds rate in the US, the Bank of England base rate in the UK), is the rate of inflation as measured by the GDP deflator, is the desired rate of inflation, is the assumed equilibrium real interest rate, is the logarithm of real GDP, and is the logarithm of potential output, as determined by a linear trend. In this equation, both and should be positive (as a rough rule of thumb, Taylor's 1993 paper proposed setting ).〔Athanasios Orphanides (2008). "Taylor rules," ''The New Palgrave Dictionary of Economics'', 2nd Edition. v. 8, pp. 2000-2004, equation (7).(Abstract. )〕 That is, the rule "recommends" a relatively high interest rate (a "tight" monetary policy) when inflation is above its target or when output is above its full-employment level, in order to reduce inflationary pressure. It recommends a relatively low interest rate ("easy" monetary policy) in the opposite situation, to stimulate output. Sometimes monetary policy goals may conflict, as in the case of stagflation, when inflation is above its target while output is below full employment. In such a situation, a Taylor rule specifies the relative weights given to reducing inflation versus increasing output. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Taylor rule」の詳細全文を読む スポンサード リンク
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