Assuming that we accept the Taylor Rule calculations of where they should be set of course.
Suppose the same Taylor rule that explains American interest rates in recent years had been applied to Europe.
One way to answer this is to consult the Taylor rule, devised by John Taylor of Stanford University.
The economy fell into an unusually deep recession, and as a result the Taylor Rule started to indicate that interest rates should be negative.
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So, to be an optimal currency area it is necessary that interest rates, as determined by the Taylor Rule, are desirably the same in all areas of that currency zone.
Indeed, the models that I have built support the use of policy rules, such as the Taylor rule for monetary policy or the automatic stabilizers for fiscal policy, which are the polar opposite of Keynesian discretion.
He said the so-called Taylor Rule, a method of predicting interest rates based on inflation, points to a sizable 0.75% increase in the Fed Funds rate if the rate of inflation he expects to see indeed shows up.
Various rules have been proposed, including a price-level rule (zero inflation), an inflation target rule (2 percent inflation), a nominal GDP target, and a Taylor rule designed to control the growth of nominal income by controlling the monetary base.
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These leaders are doing something important in helping to hammer out the missing variable in job creation, good money, and creating a forum where the proponents of the Taylor Rule and the proponents of the gold standard can make their respective cases.
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Taylor said the 'Rooney Rule' had "without a shadow of a doubt made a difference" since it was introduced in the NFL in 2003.
The Vale boss used the game to the run the rule again over trialists Kris Taylor and Stuart Tomlinson.
Taylor said he would only support the introduction of a similar rule in English football if he "felt encouraged by all my black players or black players who are qualified coaches and feel they have not been given proper opportunities".
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