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Asymmetries In Monetary Policy Rules: Evidence For Four Central Banks Author info | Abstract | Publisher info | Download info | Related research | Statistics Dolado, Juan J.
María-Dolores, Ramón
Naveira Barrero, Manuel
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This paper investigates the possible existence of asymmetric effects in the response of four central banks to inflation and output gaps as regards the 'sign' and 'size' of those gaps. The evidence obtained both through the estimation of a generalized Taylor rule and an ordered probit model points out that most central banks show a stronger reaction to inflation upswings relative to downswings. However, except for the Federal Reserve, no asymmetric behaviour with respect to the output gap is found.
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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number
2441.
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Date of creation: Apr 2000Date of revision:
Handle: RePEc:cpr:ceprdp:2441Contact details of provider: Postal: Centre for Economic Policy Research, 53--56 Great Sutton Street, London EC1V 0DG Phone: 44 - 20 - 7183 8801 Fax: 44 - 20 - 7183 8820
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Keywords: asymmetries ; Ordered Probit Models ; Taylor Rules ; Find related papers by JEL classification: E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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