文章基本信息

标题：Do Central Banks have Precautionary Demands for Expansions and for Price Stability? - Theory and Evidence
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作者：Alex Cukierman ; Anton Muscatelli
期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2002
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper analyses the impact of asymmetric preferences with respect to inßation and output by policymakers on interest-rate reaction functions. A theoretical framework which makes it possible to identify the dominant type of asymmetry is developed and related to the precautionary demand of pol- icymakers for expansions and for low inßation. Using data for some G7 economies, the paper shows that, except for Germany, nonlinear and asym- metric behaviour is present. A main Þnding is that where credibility-building and disinßation has already been achieved, the monetary authorities develop a greater precautionary demand for output expansions than for low inßation. Thismay generate a new type of inßation bias. Conversely, where credibility- building is still a concern for the authorities, managing the business cycle is dominated by concerns of the monetary authorities to keep inßation expec- tations low.