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Did asymmetric monetary preferences for the output gap disappear during recent economic times?

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  • Steven P. Cassou
  • Hedieh Shadmani
  • Jesús V�zquez

Abstract

Surico (2007) showed that the Federal Reserve Bank (FED) asymmetric preferences for the output gap disappeared during recent times. We show that this result is sensitive to the starting date chosen for the regressions. Using a starting date of 1984:01 or later, we find that the hypothesis of the FED exhibiting symmetric preferences is consistently rejected.

Suggested Citation

  • Steven P. Cassou & Hedieh Shadmani & Jesús V�zquez, 2014. "Did asymmetric monetary preferences for the output gap disappear during recent economic times?," Applied Economics Letters, Taylor & Francis Journals, vol. 21(2), pages 113-117, January.
    • Handle: RePEc:taf:apeclt:v:21:y:2014:i:2:p:113-117
    DOI: 10.1080/13504851.2013.842631
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    Cited by:

    1. Scott, C. Patrick, 2016. "Asymmetric preferences and monetary policy deviations," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 325-334.
    2. Helena Glebocki Keefe & Hedieh Shadmani, 2020. "Examining the asymmetric monetary policy response to foreign exchange market conditions in emerging and developing economies," International Economics and Economic Policy, Springer, vol. 17(2), pages 503-530, May.

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