preceding inflation targeting in the UK is characterized by a concave rule supporting dominant recession avoidance preferences … Burns/Miller and the Greenspan periods, recession avoidance dominates. Under Volcker the Taylor rule is linear. This is … consistent with an offset by inflation avoidance of the more prevalent recession avoidance of the Fed.Findings from both …

inflation targeting period in the UK is characterized by a concave rule supporting recession avoidance preferences, while the … Greenspan period is characterized by a concave rule supporting recession avoidance on the part of the Fed. Our findings from …