Targets, zones, and asymmetries: a flexible nonlinear model of recent UK monetary policy
AbstractWe 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 InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 60 (2008)
Issue (Month): 3 (July)
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Other versions of this item:
- Virginie Boinet & Christopher Martin, 2005. "Targets, Zones and Asymmetries:A Flexible Nonlinear Model of Recent UK Monetary Policy," Economics and Finance Discussion Papers, Economics and Finance Section, School of Social Sciences, Brunel University 05-21, Economics and Finance Section, School of Social Sciences, Brunel University.
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