All rules are updated on a monthly basis upon the release of new data.

The Taylor (1999) Rule with Laubach-Williams r* is calculated as Federal Funds Rate = Laubach-Williams r* + Core CPI Inflation (y/y) + 0.5 x (Core CPI Inflation (y/y) - 2%) + 1 x Output Gap



The Taylor (1993) Rule is calculated as Federal Funds Rate = 2 + Core CPI Inflation (y/y) + 0.5 x (Core CPI Inflation (y/y) - 2%) + 0.5 x Output Gap

The Taylor (1999) Rule is calculated as Federal Funds Rate = 2 + Core CPI Inflation (y/y) + 0.5 x (Core CPI Inflation (y/y) - 2%) + 1 x Output Gap

The Mankiw (2001) Rule is calculated as Federal Funds Rate = 8.5 + 1.4 x Core CPI Inflation (y/y) – Unemployment Rate)

Output Gap is defined as (Real GDP – Potential Real GDP)/Potential Real GDP, where Potential Real GDP is provided by the Congressional Budget Office (CBO) estimates.

Core CPI Inflation (y/y) is provided by the Bureau of Labor Statistics

Real GDP is provided by the Bureau of Economic Analysis

The Effective Federal Funds Rate is provided by the Federal Reserve Board of Governors

Laubach-Williams r* estimates are provided by the Federal Reserve Bank of San Francisco and the same as those in Laubach and Williams (2003).



The Wu-Xia (2014) Shadow Federal Funds Rate is provided by the The Wu-Xia (2014) Shadow Federal Funds Rate is provided by the Federal Reserve Bank of Atlanta

References