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- W1562867556 abstract "This paper investigates the empirical relevance of a new framework for monetary pol- icy analysis in which the decision makers are allowed to weight dierently positive and negative deviations of in‡ation and output from the target values. Reduced-form and structural estimates of the central bank …rst 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 in‡ation bias of 1:11% that appears to have substantially contributed to the great in‡ation of the 1960s and 1970s." @default.
- W1562867556 created "2016-06-24" @default.
- W1562867556 creator A5080174692 @default.
- W1562867556 date "2004-09-01" @default.
- W1562867556 modified "2023-09-24" @default.
- W1562867556 title "In‡ation Targeting and Nonlinear Policy Rules: the Case of Asymmetric Preferences" @default.
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