Optimal monetary policy with asymmetric preferences for output

We extend Ruge-Murcia (2003, 2004) to weigh inflation and output and show that empirical evidence supports an asymmetric preference hypothesis for output. We also find evidence that the monetary authority targets potential output in parallel to Barro and Gordon (1983).

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Year of publication:	2012
Authors:	Cassou, Steven P. ; Scott, C. Patrick ; Vázquez, Jesús
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 117.2012, 3, p. 654-656
Publisher:	Elsevier
Subject:	Optimal monetary policy \| Asymmetric preferences \| Conditional output volatility

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Type of publication:	Article
Classification:	E31 - Price Level; Inflation; Deflation ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011041803