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https://hdl.handle.net/10419/18918
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | Surico, Paolo | en |
dc.date.accessioned | 2009-01-28T15:53:48Z | - |
dc.date.available | 2009-01-28T15:53:48Z | - |
dc.date.issued | 2004 | - |
dc.identifier.uri | http://hdl.handle.net/10419/18918 | - |
dc.description.abstract | This paper investigates the empirical relevance of a new framework for monetary policyanalysis in which the decision-makers are allowed to weight differently positive and negativedeviations of inflation and output from the target values. Reduced-form and structuralestimates of the central bank first order condition indicate that the preferences of the Fed havebeen highly asymmetric only before 1979, with the response to output contractions beinglarger than the response to output expansions of the same magnitude. This asymmetry isshown to induce an average inflation bias of 1.11% that appears to have substantiallycontributed to the great inflation of the 1960s and 1970s. | en |
dc.language.iso | eng | en |
dc.publisher | |aCenter for Economic Studies and ifo Institute (CESifo) |cMunich | en |
dc.relation.ispartofseries | |aCESifo Working Paper |x1280 | en |
dc.subject.jel | E58 | en |
dc.subject.jel | E52 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | asymmetric objective | en |
dc.subject.keyword | nonlinear monetary policy rules | en |
dc.subject.keyword | average inflation bias | en |
dc.subject.stw | Geldpolitisches Ziel | en |
dc.subject.stw | Inflation Targeting | en |
dc.subject.stw | Regelgebundene Politik | en |
dc.subject.stw | Schätzung | en |
dc.subject.stw | Theorie | en |
dc.subject.stw | Vereinigte Staaten | en |
dc.title | Inflation targeting and nonlinear policy rules : the case of asymmetric preferences | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 856904007 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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