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New Economy--New Policy Rules?

Resource Type
Dataset : survey data
  • Bullard, James B. (Federal Reserve Bank of St. Louis)
  • Schaling, Eric (Federal Reserve Bank of St. Louis)
Other Title
  • Archival Version (Subtitle)
Publication Date
Free Keywords
economic growth; inflation; monetary policy; national economy; productivity
  • Abstract

    The United States economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. To understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies, the authors begin with a standard economy in which a version of the Taylor rule constitutes the optimal monetary policy for a given inflation target and a given level of productivity. They augment this model with regime switching in productivity and calculate the optimal monetary policy rule in the altered environment. The authors find that, in the altered environment, a rule that incorporates leading indicators about regimes significantly outperforms the Taylor rule. They use this result to comment on the "new economy" events of the 1990s and the "stagflation" events of the 1970s from the perspective of their model.
  • Table of Contents


    • DS1: Dataset
Geographic Coverage
  • United States
Collection Mode
  • The file submitted is, containing data and programs. These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

This version of the study is no longer available on the web. If you need to acquire this version of the data, you have to contact ICPSR User Support (
Alternative Identifiers
  • 1244 (Type: ICPSR Study Number)
  • Is previous version of
    DOI: 10.3886/ICPSR01244.v1
  • Bullard, James B., Schaling, Eric. New economy--new policy rules?. Federal Reserve Bank of St. Louis Review.83, (5), 57-65.2001.

Update Metadata: 2015-08-05 | Issue Number: 6 | Registration Date: 2015-06-15

Bullard, James B.; Schaling, Eric (2001): New Economy--New Policy Rules?. Archival Version. Version: v0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.