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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. We also find that the response to the output gap is linear and find no evidence of a nonlinear Phillips curve.

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File URL: http://www.brunel.ac.uk/329/efwps/0521.pdf
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Bibliographic Info

Paper provided by Economics and Finance Section, School of Social Sciences, Brunel University in its series Economics and Finance Discussion Papers with number 05-21.

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Length: 25 pages
Date of creation: Oct 2005
Date of revision:
Handle: RePEc:bru:bruedp:05-21

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Postal: Brunel University, Uxbridge, Middlesex UB8 3PH, UK

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Cited by:
  1. Naraidoo, Ruthira & Paya, Ivan, 2012. "Forecasting monetary policy rules in South Africa," International Journal of Forecasting, Elsevier, vol. 28(2), pages 446-455.
  2. de Mello Luiz & Moccero Diego & Mogliani Matteo, 2013. "Do Latin American Central Bankers Behave Non-Linearly? The Experiences of Brazil, Chile, Colombia and Mexico," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 17(2), pages 141-165, April.
  3. Peter J. Stemp, 2009. "Optimal Monetary Policy with Asymmetric Targets," Monash Economics Working Papers 33-09, Monash University, Department of Economics.
  4. repec:lan:wpaper:2364 is not listed on IDEAS
  5. repec:lan:wpaper:2587 is not listed on IDEAS
  6. repec:lan:wpaper:2444 is not listed on IDEAS

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