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Targets, zones, and asymmetries: a flexible nonlinear model of recent UK monetary policy

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  • Virginie Boinet
  • Christopher Martin

Abstract

We estimate a flexible model of the behaviour of UK monetary policymakers in the era of inflation targeting based on a new representation of policymaker's preferences. This enables us to address a range of issues that are beyond the scope of the existing literature. We find a complex relationship between interest rates and inflation: interest rates are passive when inflation is close to the target but there is an increasingly vigorous response as inflation deviates further from the target. Copyright 2008 , Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 60 (2008)
Issue (Month): 3 (July)
Pages: 423-439

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Handle: RePEc:oup:oxecpp:v:60:y:2008:i:3:p:423-439

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Cited by:
  1. repec:lan:wpaper:2444 is not listed on IDEAS
  2. Luiz de Mello & Diego Moccero & Matteo Mogliani, 2009. "Do Latin American Central Bankers Behave Non-Linearly?: The Experiences of Brazil, Chile, Colombia and Mexico," OECD Economics Department Working Papers 679, OECD Publishing.
  3. repec:lan:wpaper:2587 is not listed on IDEAS
  4. Naraidoo, Ruthira & Paya, Ivan, 2012. "Forecasting monetary policy rules in South Africa," International Journal of Forecasting, Elsevier, vol. 28(2), pages 446-455.
  5. Peter J. Stemp, 2009. "Optimal Monetary Policy with Asymmetric Targets," Development Research Unit Working Paper Series 33-09, Monash University, Department of Economics.
  6. repec:lan:wpaper:2364 is not listed on IDEAS

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