Alonso González, L.A. and García Martínez, P. (2004) Central Bank Independence: Taylor Rule and Fiscal Policy, Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 04-01, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
http://eprints.ucm.es/6817/1/0401.pdf

has been cited by the following article:

• TITLE: A Lecture of the Taylor Rule from the Sandpile Model

  AUTHORS: Juan L. Valderrábano López, Miguel Ángel Alonso Neira

  KEYWORDS: Critical Phenomena, Sandpile Model, Taylor Rule, Central Banks, Power Law

  JOURNAL NAME: Open Journal of Modelling and Simulation, Vol.3 No.1, December 19, 2014

  ABSTRACT: Sandpile phenomena in dynamic systems in the vicinity of criticality always appeal to a sudden break of stability with avalanches of different sizes due to minor perturbations. We can view the intervention of the Central Banks on the rate of interest as a perturbation of the economic system. It is an induced perturbation to a system that fare in vicinity of criticality according to the conditions of stability embedded in the equations of the neoclassical model. An alternative reading of the Taylor Rule is proposed in combination with the Sandpile paradigm to give an account of the economic crisis as an event like an avalanche, that can be triggered by a perturbation, as is the intervention of the Central Bank on the interest rate.