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Occupational Health and Safety, Canadian Edition

15th Edition
by David L. Goetsch, University of West Florida and Oskaloosa-Walton Eugene Ozon, Algonquin College
1035 Solutions 49 Chapters 1467 Studied ISBN: 0133450244 Computer Science 5 (1)

Chapters 37: DQ 10

10. LAST WORD Compare and contrast the Taylor rule for monetary policy with the older, simpler monetary rule advocated by Milton Friedman.


Step-By-Step Solution

10. LAST WORD Compare and contrast the Taylor rule for monetary policy with the older, simpler monetary rule advocated by Milton Friedman.

Answer: The monetary rule advocated by Friedman, the “monetarist rule,” is passive. It requires consistent expansion of money supply regardless of economic conditions. The “Taylor rule” is activist and counter cyclical. It allows the Fed to adjust the money supply and interest rates in expansionary or contractionary fashion depending on economic conditions. However, it is similar to the monetarist prescription by stating the Fed’s policy changes precisely in response to a variety of economic condit ions.


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