However, the delays in the completion of the first review of the programme and turbulence in international capital markets reversed this trend in the first four months of 2016.
Optimal-control policies can depend critically on the exact specification of the model, and clearly there is no consensus about which model best describes the U.S. economy. 2  BIS Review 116/2007  Federal Reserve policymakers are shown several versions of Taylor rules in the material we receive before each meeting of the Federal Open Market Committee (FOMC).