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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...
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. Motivated by Japan's recent economic experience, we use a dynamic general-equilibrium model to assess the welfare impact of open …-market operations for an economy in Japan's predicament. We argue Japan can achieve a substantial welfare improvement through large open …
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. Motivated by Japan's recent economic experience, we use a dynamic general-equilibrium model to assess the welfare impact of open …-market operations for an economy in Japan's predicament. We argue Japan can achieve a substantial welfare improvement through large open …
Persistent link: https://www.econbiz.de/10012468884