Aguiar, Alvaro; Martins, Manuel M. F. - Faculdade de Economia, Universidade do Porto - 2005
This paper tests for asymmetries in the preferences of the Euro-Area monetary policymaker with 1995:I-2004:III data from the last update of the ECB's Area-wide database. Following the relevant literature, we distinguish between three types of asymmetry: precautionary demand for expansions,...