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DC FieldValueLanguage
dc.contributor.authorSurico, Paoloen_US
dc.coverage.temporal1960-2003en_US
dc.date.accessioned2009-01-28T15:53:48Z-
dc.date.available2009-01-28T15:53:48Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18918-
dc.description.abstractThis paper investigates the empirical relevance of a new framework for monetary policy analysis in which the decision-makers are allowed to weight differently positive and negative deviations of inflation and output from the target values. Reduced-form and structural estimates of the central bank first order condition indicate that the preferences of the Fed have been highly asymmetric only before 1979, with the response to output contractions being larger than the response to output expansions of the same magnitude. This asymmetry is shown to induce an average inflation bias of 1.11% that appears to have substantially contributed to the great inflation of the 1960s and 1970s.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1280en_US
dc.subject.jelE58en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordasymmetric objectiveen_US
dc.subject.keywordnonlinear monetary policy rulesen_US
dc.subject.keywordaverage inflation biasen_US
dc.subject.stwGeldpolitisches Zielen_US
dc.subject.stwInflation Targetingen_US
dc.subject.stwRegelgebundene Politiken_US
dc.subject.stwSchätzungen_US
dc.subject.stwTheorieen_US
dc.subject.stwVereinigte Staatenen_US
dc.titleInflation targeting and nonlinear policy rules : the case of asymmetric preferencesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn470778776en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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