Did asymmetric monetary preferences for the output gap disappear during recent economic times?

Surico (2007) showed that the Federal Reserve Bank (FED) asymmetric preferences for the output gap disappeared during recent times. We show that this result is sensitive to the starting date chosen for the regressions. Using a starting date of 1984:01 or later, we find that the hypothesis of the FED exhibiting symmetric preferences is consistently rejected.

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Year of publication:	2014
Authors:	Cassou, Steven P. ; Shadmani, Hedieh ; Vázquez, Jesús
Published in:	Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 21.2014, 2, p. 113-117
Publisher:	Taylor & Francis Journals

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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