Rule-Based Monetary Policy

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Rule-Based Monetary Policy

A monetary policy in which a jurisdiction rarely or never deviates from established norms. A rule-based monetary policy does not make exceptions based upon extenuating circumstances.
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For the case of Pakistan, there is good number of studies available on money-inflation relationship but the number is limited in case of rule based monetary policy. Qayyum (2006) identifies significant role of money in explaining inflation variability.
ESTIMATING MONETARY POLICY REACTION FUNCTION OF STATE BANK OF PAKISTAN
Over the investigation period, it was observed that Taylor rule based monetary policy was conducted to set interest rates in Turkey.
Taylor rule in practice: Evidence from Turkey
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