the loss function. We find strong and robust evidence of asymmetry in the case of the European Central Bank during 1999 …-2021: the slope of the loss function was roughly three times steeper when inflation exceeded the target compared to when it was … below the target. This represents a significant departure from the quadratic and symmetric monetary policy loss function …

the loss function. We find strong and robust evidence of asymmetry in the case of the European Central Bank during 1999 …-2021: the slope of the loss function was roughly three times steeper when inflation exceeded the target compared to when it was … below the target. This represents a significant departure from the quadratic and symmetric monetary policy loss function …

uses highly disaggregated data of consumer price indexes, and hinges on a standard quadratic loss function. We show that …