Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/236613 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] Open Economics [ISSN:] 2451-3458 [Volume:] 4 [Issue:] 1 [Publisher:] De Gruyter [Place:] Warsaw [Year:] 2021 [Pages:] 14-30
Verlag: 
De Gruyter, Warsaw
Zusammenfassung: 
The recognised approach to designing an optimal monetary policy model is based on the central bank's ability to mitigate losses using a quadratic criterion subject to the linear structure of the economy. This study examines the United States Federal Reserve's (Fed) monetary policy in different economic environments. It provides an empirical solution to the central bank's optimisation problem when preferences are asymmetric in both in ation and output gaps. The study tested for structural breaks and uncovered potential evidence of nonlinearities in the Fed's reaction function, which provides more information on policy objective. The empirical evidence suggests that the Fed's policy rate differs in these periods. This strongly indicates the presence of asymmetry. Further evidence suggests that the predictive power of the estimated model increases when a smoothing process is allowed.
Schlagwörter: 
Monetary policy
Asymmetric preference
Taylor rule
Structural breaks
United States
JEL: 
E32
E45
E52
E58
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