Over the years, central banks all over the world have on numerous occasion been the subjects of criticism. Poor economic performance or a failure to implement a successful policy justified the voices of some critics, who, in an effort to boost the performance of a central bank, argued that some policy rule, not necessarily absolutely perfect, would have delivered a far better outcome. This work addresses the issue of monetary policy conduct. It deals with the use of monetary policy rules in a decision-making process of monetary policymakers with the focus on the Taylor rule which is a...