| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| US Monetary Policy Rules: the Case for Asymmetric Preferences | |
| Paolo Surico | |
| 发表日期 | 2002 |
| 出处 | Economy and Society |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | This paper investigates the empirical relevance of a new framework for monetary policyanalysis in which decision makers are allowed to weight differently positive and negative deviations of inflation and output from the target values. The specification of the central bank objective is general enough to nest the symmetric quadratic form as a special case, thereby making the derived policy rule potentially nonlinear. This forms the basis of our identification strategy which is used to develop a formal hypothesis testing for the presence of asymmetric preferences. Reduced-form estimates of postwar US policy rules indicate that the preferences of the Fed have been highly asymmetric in both inflation and output gaps, with the asymmetries on the latter becoming relatively more pronounced during the post-79 tenures. |
| 特色分类 | E32,E52 |
| 关键词 | Nonlinear optimal monetary policy rules,asymmetric loss function,linearized Central Bank Euler equation |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/us-monetary-policy-rules-the-case-for-asymmetric-preferences/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116778 |
| 推荐引用方式 GB/T 7714 | Paolo Surico. US Monetary Policy Rules: the Case for Asymmetric Preferences. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL2002-066.pdf（712KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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