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Do central banks have precautionary demands for expansions and for price stability? : Theory and evidence

Cukierman, Alex (contributor); … - 2002 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001687705

Do central banks have precautionary demands for expansions and for price stability? : theory and evidence

Cukierman, Alex; Muscatelli, V. Anton - 2002

This paper analyses the impact of asymmetric preferences with respect to inflation and output by policymakers on interest-rate reaction functions and test for their existence. A modified New Keynesian framework which makes it possible to identify the dominant type of asymmetry is developed and...

Persistent link: https://www.econbiz.de/10011410664

Does institutional change really matter? : Inflation targets, central bank, central bank reform and interest rate policy in the OECD countries

Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - In: The Manchester School 70 (2002) 4, pp. 487-527

Persistent link: https://www.econbiz.de/10001686408

Do central banks have precautionary demands for expansions and for price stability? : Theory and evidence

Cukierman, Alex; Muscatelli, V. Anton - 2002

Persistent link: https://www.econbiz.de/10001688781

Does institutional change really matter? : Inflation targets, central bank reform and interest rate policy in the OECD countries

Muscatelli, V. Anton; Tirelli, Patrizio; Trecroci, Carmine - 2000

We estimate forward-looking interest-rate reaction functions for the G3 economies and for a group of countries which recently adopted inflation targets. Some significant shifts in the conduct of monetary policy are detected in the G3 countries, especially in the USA and Japan. In contrast with...