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This paper estimates the optimal monetary authorities’ response to deviations of inflation and output from their target values for South Africa over the inflation targeting era. This is achieved using an empirical framework that allows the central bank’s policy preferences to be zone-like as...
Persistent link: https://www.econbiz.de/10008633249
This paper investigates the possible existence of asymmetric effects in the response of four central banks to inflation and output gaps as regards the 'sign' and 'size' of those gaps. The evidence obtained both through the estimation of a generalized Taylor rule and an ordered probit model...
Persistent link: https://www.econbiz.de/10005662189
the Hamilton(1989)’s Markov switching methodology. I …nd evidence in favour of ‘state’ asymmetries at the aggregate level …
Persistent link: https://www.econbiz.de/10008493825
Despite convergence pressures, differences in housing and financial market institutions across the 15 member states of the European Union are still enormous. This paper argues that they have profound effects on the responsiveness of output and inflation in the different countries to changes in...
Persistent link: https://www.econbiz.de/10005504528
This paper estimates the optimal response of the SARB to deviations of inflation and output from their target values over the inflation targeting era. This is achieved using an empirical framework that allows the central bank's policy preferences to be zone-like and asymmetric. The first major...
Persistent link: https://www.econbiz.de/10010573360
gap and the level of output gap. Moreover, we test whether these asymmetries might possibly stem from the nonlinearities …
Persistent link: https://www.econbiz.de/10010583584
In this paper we study asymmetries in the Taylor rule for the United States during the 1970–2012 period. We show that …
Persistent link: https://www.econbiz.de/10011065304
policymakers to correct for inherent asymmetries in the way stock price movements affect the macroeconomy. …
Persistent link: https://www.econbiz.de/10011065334
We extend the Svensson (1997a) inflation forecast targeting framework with a convex Phillips curve. We derive an asymmetric target rule, that implies a higher level of nominal interest rates than the Svensson (1997a) forward looking version of the reaction function popularised by Taylor (1993)....
Persistent link: https://www.econbiz.de/10011091859
The paper analyses the performance of simple interest rate rules which feature a response to noisy observations of inflation, output and money growth. The analysis is based on a small empirical model of the hybrid New Keynesian type which has been estimated on euro area data by Stracca (2007)....
Persistent link: https://www.econbiz.de/10010295868