The Taylor Rule and “Opportunistic” Monetary Policy
研究了泰勒规则是否应设定为阈值过程，即美联储在某些情况下比在其他情况下更积极地行动，发现符合“机会主义”货币政策的修正阈值模型能更好地解释美联储行为。
We investigate the possibility that the Taylor rule should be formulated as a threshold process such that the Federal Reserve acts more aggressively in some circumstances than in others. It seems reasonable that the Federal Reserve would act more aggressively when inflation is high than when it is low. Similarly, it might be expected that the Federal Reserve responds more to a negative than a positive output gap. Although these specifications receive some empirical support, we find that a modified threshold model that is consistent with “opportunistic” monetary policy makes significant progress toward explaining Federal Reserve behavior.