“Discretion versus Policy Rules in Practice”
E280231
“Discretion versus Policy Rules in Practice” is a highly influential economics paper by John B. Taylor that analyzes the performance of rule-based versus discretionary approaches to monetary policy, helping to popularize the Taylor rule framework.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Discretion versus Policy Rules in Practice | 1 |
| “Discretion versus Policy Rules in Practice” canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T2582291 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: “Discretion versus Policy Rules in Practice” Context triple: [John B. Taylor, hasWrittenWork, “Discretion versus Policy Rules in Practice”]
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A.
Rules, Discretion, and Reputation in a Model of Monetary Policy
"Rules, Discretion, and Reputation in a Model of Monetary Policy" is an influential economic paper that analyzes how different monetary policy regimes and the credibility of policymakers affect inflation and output outcomes.
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B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
"The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area" is an influential empirical economics paper by Jordi Galí that tests and supports New Keynesian inflation dynamics using euro area data.
-
D.
Monetary Policy, Inflation, and the Business Cycle
"Monetary Policy, Inflation, and the Business Cycle" is a widely cited macroeconomics book that develops and applies New Keynesian models to analyze how monetary policy affects inflation dynamics and economic fluctuations.
-
E.
Taylor rule
The Taylor rule is a monetary policy guideline that prescribes how central banks should adjust interest rates in response to deviations of inflation and output from their target levels.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: “Discretion versus Policy Rules in Practice” Target entity description: “Discretion versus Policy Rules in Practice” is a highly influential economics paper by John B. Taylor that analyzes the performance of rule-based versus discretionary approaches to monetary policy, helping to popularize the Taylor rule framework.
-
A.
Rules, Discretion, and Reputation in a Model of Monetary Policy
"Rules, Discretion, and Reputation in a Model of Monetary Policy" is an influential economic paper that analyzes how different monetary policy regimes and the credibility of policymakers affect inflation and output outcomes.
-
B.
the "Volcker shock" in U.S. monetary policy
The "Volcker shock" in U.S. monetary policy refers to the dramatic interest rate hikes and tight monetary stance of the early 1980s aimed at breaking entrenched inflation, which triggered a deep recession but ultimately restored price stability and reshaped central banking practice.
-
C.
The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area
"The New Keynesian Phillips Curve: Time Series Evidence from the Euro Area" is an influential empirical economics paper by Jordi Galí that tests and supports New Keynesian inflation dynamics using euro area data.
-
D.
Monetary Policy, Inflation, and the Business Cycle
"Monetary Policy, Inflation, and the Business Cycle" is a widely cited macroeconomics book that develops and applies New Keynesian models to analyze how monetary policy affects inflation dynamics and economic fluctuations.
-
E.
Taylor rule
The Taylor rule is a monetary policy guideline that prescribes how central banks should adjust interest rates in response to deviations of inflation and output from their target levels.
- F. None of above. chosen
Statements (44)
| Predicate | Object |
|---|---|
| instanceOf |
academic paper
ⓘ
economics paper ⓘ |
| academicDiscipline | economics ⓘ |
| analyzes |
performance of discretionary policy
ⓘ
performance of policy rules ⓘ |
| associatedWith |
Federal Reserve policy analysis
ⓘ
New Keynesian macroeconomics ⓘ |
| author | John B. Taylor ⓘ |
| citationRole | foundational reference for Taylor rule applications ⓘ |
| citedFor |
benchmark monetary policy rule specification
ⓘ
comparison of rules versus discretion in monetary policy ⓘ |
| conclusion | simple policy rules can outperform discretion in many settings ⓘ |
| countryOfOrigin |
United States of America
ⓘ
surface form:
United States
|
| critiques | purely discretionary monetary policy ⓘ |
| field |
macroeconomics
ⓘ
monetary economics ⓘ |
| focusesOn |
stabilization of inflation
ⓘ
stabilization of output ⓘ |
| hasSubject |
central banking
ⓘ
macroeconomic stabilization ⓘ rules versus discretion debate ⓘ |
| impact |
helped popularize rule-based monetary policy
ⓘ
highly influential in monetary policy research ⓘ |
| influenced |
central bank policy frameworks
ⓘ
inflation targeting regimes ⓘ modern monetary policy analysis ⓘ |
| language | English ⓘ |
| mainTopic |
Taylor rule
ⓘ
discretionary policy ⓘ monetary policy ⓘ policy rules ⓘ |
| methodology |
comparative performance analysis of policy regimes
ⓘ
simulation of alternative policy rules ⓘ |
| proposes |
Taylor rule framework
ⓘ
simple interest rate rule ⓘ |
| publicationYear | 1993 ⓘ |
| publishedIn | Carnegie-Rochester Conference Series on Public Policy ⓘ |
| relatedWork | Taylor rule ⓘ |
| supportsView | systematic policy rules enhance macroeconomic stability ⓘ |
| timePeriodAnalyzed | postwar U.S. monetary policy ⓘ |
| typeOfWork | theoretical and empirical analysis ⓘ |
| usesConcept |
inflation gap
ⓘ
interest rate feedback rule ⓘ output gap ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: “Discretion versus Policy Rules in Practice” Description of subject: “Discretion versus Policy Rules in Practice” is a highly influential economics paper by John B. Taylor that analyzes the performance of rule-based versus discretionary approaches to monetary policy, helping to popularize the Taylor rule framework.
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Discretion versus Policy Rules in Practice