{
  "id": "RS21821",
  "type": "CRS Report",
  "typeId": "REPORT",
  "number": "RS21821",
  "active": false,
  "source": "University of North Texas Libraries Government Documents Department",
  "versions": [
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc87374/",
      "id": "RS21821_2012Jan30",
      "date": "2012-01-30",
      "retrieved": "2012-07-03T07:51:21",
      "title": "Evaluating the Current Stance of Monetary Policy Using a Taylor Rule",
      "summary": "Oversight of the Federal Reserve's (Fed's) monetary policy decisions rests with Congress. But oversight is encumbered by the absence of a straightforward relationship between interest rates and economic performance. Further, the Fed's policy decisions are discretionary, meaning there is no objective, transparent \u201cyardstick\u201d for evaluating their decisions. A simple rule of thumb guide to monetary policy decisions called a \u201cTaylor rule\u201d is an intuitive way to judge actual policy against some objective, albeit simplistic, ideal. Taylor rules \r\nprescribe a federal funds target based on inflation and the output gap (i.e., the difference between actual gross domestic product [GDP] and potential GDP) and can be adjusted to reflect a variety of policy goals.",
      "type": "CRS Report",
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      "topics": [
        {
          "source": "LIV",
          "id": "Federal reserve system",
          "name": "Federal reserve system"
        },
        {
          "source": "LIV",
          "id": "Economic policy",
          "name": "Economic policy"
        },
        {
          "source": "LIV",
          "id": "Finance",
          "name": "Finance"
        }
      ]
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc822264/",
      "id": "RS21821_2008Jun30",
      "date": "2008-06-30",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Evaluating the Current Stance of Monetary Policy Using a Taylor Rule",
      "summary": null,
      "type": "CRS Report",
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        }
      ],
      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc809365/",
      "id": "RS21821_2007Oct04",
      "date": "2007-10-04",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Evaluating the Current Stance of Monetary Policy Using a Taylor Rule",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
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          "filename": "files/20071004_RS21821_771c60844235776e5caa377fdb9ecc9c08542b23.pdf"
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        {
          "format": "HTML",
          "filename": "files/20071004_RS21821_771c60844235776e5caa377fdb9ecc9c08542b23.html"
        }
      ],
      "topics": []
    },
    {
      "source": "University of North Texas Libraries Government Documents Department",
      "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc811287/",
      "id": "RS21821_2006Jul03",
      "date": "2006-07-03",
      "retrieved": "2016-03-19T13:57:26",
      "title": "Evaluating the Current Stance of Monetary Policy Using a Taylor Rule",
      "summary": null,
      "type": "CRS Report",
      "typeId": "REPORT",
      "active": false,
      "formats": [
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        {
          "format": "HTML",
          "filename": "files/20060703_RS21821_20607771baae26c0720fb551e11bc84e56829d77.html"
        }
      ],
      "topics": []
    }
  ],
  "topics": [
    "Economic Policy"
  ]
}