I estimate the policy stance on the monetary policy rate decision, which stands for the intensity of the committee’s consensus to adjust the policy rate, with the minutes of the Bank of Korea from 1999 to May 2018. The policy stance is estimated more directly without relying on external...

We revisit cumulative slicing estimation (CUME; Zhu et al., 2010) from a different perspective to gain more insights, then refine its performance by incorporating the intra-slice covariances. We also prove that our new method, under some conditions, is more comprehensive than CUME.