Matches in SemOpenAlex for { <https://semopenalex.org/work/W2123123067> ?p ?o ?g. }
- W2123123067 abstract "We investigate whether increased independence affects central bank behavior when monetary policy is already in an inflation targeting regime. Taking advantage of the recent UK experience to identify such an exogenous change, we estimate Taylor rules via alternative methods, specifications and proxies. Our contribution is to detect two novel results: the Bank of England has responded to the output gap, not growth; and in a stronger way after receiving operational independence. Both findings are consistent with the Bank's mandate and New Keynesian monetary theory. Economic expansion and anchored inflation have thus complemented greater autonomy in influencing the Bank's policy feedback" @default.
- W2123123067 created "2016-06-24" @default.
- W2123123067 creator A5033464612 @default.
- W2123123067 date "2007-01-01" @default.
- W2123123067 modified "2023-09-24" @default.
- W2123123067 title "Does Instrument Independence Matter under the Constrained Discretionof an Inflation Targeting Goal? Lessons from UK Taylor Rule Empirics" @default.
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