메뉴 건너뛰기




Volumn 49, Issue 2, 2005, Pages 485-503

Are monetary-policy reaction functions asymmetric?: The role of nonlinearity in the Phillips curve

Author keywords

Nonlinearities; Phillips curve; Taylor rules

Indexed keywords

METHODOLOGY; MONETARY POLICY; NONLINEARITY;

EID: 11244324178     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0014-2921(03)00032-1     Document Type: Article
Times cited : (185)

References (35)
  • 2
    • 0003585546 scopus 로고    scopus 로고
    • Defining a Macroeconomic Framework for the Euro Area
    • London: Center for Economic Policy Research (CEPR)
    • Alesina A. Blanchard O. Galí J. Giavazzi F. Uhlig H. Defining a Macroeconomic Framework for the Euro Area 2001 Center for Economic Policy Research (CEPR) London
    • (2001)
    • Alesina, A.1    Blanchard, O.2    Galí, J.3    Giavazzi, F.4    Uhlig, H.5
  • 3
    • 11244335170 scopus 로고    scopus 로고
    • Asymmetries in the capacity-inflation trade-off
    • Universitat Autónoma, Barcelona: Mimeo
    • Álvarez-Lois P. Asymmetries in the capacity-inflation trade-off 2000 Mimeo. Universitat Autónoma, Barcelona
    • (2000)
    • Álvarez-Lois, P.1
  • 5
    • 0002912846 scopus 로고
    • Stabilization policy and private economic behaviour
    • Baily, M.N., 1978. Stabilization policy and private economic behaviour. Brookings Papers on Economic Activity (1) 1-50.
    • (1978) Brookings Papers on Economic Activity , Issue.1 , pp. 1-50
    • Baily, M.N.1
  • 6
    • 0003492908 scopus 로고    scopus 로고
    • Policy rules for open economies
    • Working Paper Series No. 6760, NBER, Cambridge, MA
    • Ball, L., 1998. Policy rules for open economies. Working Paper Series No. 6760, NBER, Cambridge, MA.
    • (1998)
    • Ball, L.1
  • 7
    • 0002092059 scopus 로고    scopus 로고
    • How the Bundesbank conducts monetary policy
    • D. Romer (Ed.), Chicago: University of Chicago Press
    • Clarida R. Gertler M. How the Bundesbank conducts monetary policy In: Romer D. (Ed.), Reducing Inflation 1997 University of Chicago Press Chicago
    • (1997) Reducing Inflation
    • Clarida, R.1    Gertler, M.2
  • 8
    • 0031670190 scopus 로고    scopus 로고
    • Monetary policy rules in practice: Some international evidence
    • Clarida R. Galí J. Gertler M. Monetary policy rules in practice: Some international evidence European Economic Review 42 1998 1033-1067
    • (1998) European Economic Review , vol.42 , pp. 1033-1067
    • Clarida, R.1    Galí, J.2    Gertler, M.3
  • 9
    • 0006260747 scopus 로고    scopus 로고
    • Monetary policy rules and macroeconomic stability: Evidence and some theory
    • Clarida R. Galí J. Gertler M. Monetary policy rules and macroeconomic stability: Evidence and some theory Quarterly Journal of Economics 115 2000 147-180
    • (2000) Quarterly Journal of Economics , vol.115 , pp. 147-180
    • Clarida, R.1    Galí, J.2    Gertler, M.3
  • 10
    • 70449089152 scopus 로고    scopus 로고
    • Monetary policy shocks: What have we learned and to what end?
    • Taylor, J., Woodford, M. (Eds.) North-Holland, Amsterdam
    • Christiano, L., Eichenbaum, M., Evans, C., 1999. Monetary policy shocks: What have we learned and to what end? In: Taylor, J., Woodford, M. (Eds.), Handbook of Macroeconomics, Vol. 1. North-Holland, Amsterdam.
    • (1999) Handbook of Macroeconomics , vol.1
    • Christiano, L.1    Eichenbaum, M.2    Evans, C.3
  • 11
    • 0040736773 scopus 로고    scopus 로고
    • The inflation bias result revisited
    • Mimeo., Tel-Aviv University
    • Cukierman, A., 1999. The inflation bias result revisited. Mimeo., Tel-Aviv University.
    • (1999)
    • Cukierman, A.1
  • 12
    • 0141947229 scopus 로고    scopus 로고
    • Do central banks have precautionary demands for expansions and proce stability?: Theory and evidence
    • Mimeo., Tel-Aviv University
    • Cukierman, A., Muscatelli, V., 2002. Do central banks have precautionary demands for expansions and proce stability?: Theory and evidence. Mimeo., Tel-Aviv University.
    • (2002)
    • Cukierman, A.1    Muscatelli, V.2
  • 14
    • 0036589045 scopus 로고    scopus 로고
    • Evaluating changes in the Bank of Spain's interest rate target: An alternative approach using marked point processes
    • Dolado J. María-Dolores R. Evaluating changes in the Bank of Spain's interest rate target: An alternative approach using marked point processes Oxford Bulletin of Economics and Statistics 64 2002 159-182
    • (2002) Oxford Bulletin of Economics and Statistics , vol.64 , pp. 159-182
    • Dolado, J.1    María-Dolores, R.2
  • 15
    • 2442637854 scopus 로고    scopus 로고
    • Asymmetries in monetary policy: Evidence for four central banks
    • Discussion paper no. 2441, CEPR, London
    • Dolado, J., María-Dolores, R., Naveira, M., 2000. Asymmetries in monetary policy: Evidence for four central banks. Discussion paper no. 2441, CEPR, London.
    • (2000)
    • Dolado, J.1    María-Dolores, R.2    Naveira, M.3
  • 16
    • 0038793280 scopus 로고    scopus 로고
    • Nonlinear monetary policy rules: Some new evidence for the US
    • Discussion paper no. 3405, CEPR, London
    • Dolado, J., María-Dolores, R., Ruge-Murcia, F.J., 2002. Nonlinear monetary policy rules: Some new evidence for the US. Discussion paper no. 3405, CEPR, London.
    • (2002)
    • Dolado, J.1    María-Dolores, R.2    Ruge-Murcia, F.J.3
  • 17
    • 0038958322 scopus 로고    scopus 로고
    • Asymmetric policy reactions and inflation
    • Mimeo., Bank for International Settlements
    • Gerlach, S., 2000. Asymmetric policy reactions and inflation. Mimeo., Bank for International Settlements.
    • (2000)
    • Gerlach, S.1
  • 18
    • 0034985811 scopus 로고    scopus 로고
    • A parametric approach to flexible nonlinear inference
    • Hamilton J.D. A parametric approach to flexible nonlinear inference Econometrica 69 2001 537-573
    • (2001) Econometrica , vol.69 , pp. 537-573
    • Hamilton, J.D.1
  • 19
    • 4344603213 scopus 로고    scopus 로고
    • Nonlinearity in the Fed's monetary policy rule
    • Mimeo., University of Manchester
    • Kim, D., Osborn, D., Sensier, M., 2002. Nonlinearity in the Fed's monetary policy rule. Mimeo., University of Manchester.
    • (2002)
    • Kim, D.1    Osborn, D.2    Sensier, M.3
  • 20
    • 0000005847 scopus 로고
    • Asymmetric effects of economic activity on inflation: Evidence and policy implications
    • Latxon D. Meredith G. Rose D. Asymmetric effects of economic activity on inflation: Evidence and policy implications IMF Staff Papers 42 1995 344-374
    • (1995) IMF Staff Papers , vol.42 , pp. 344-374
    • Latxon, D.1    Meredith, G.2    Rose, D.3
  • 22
    • 0003201793 scopus 로고
    • Limited dependent and qualitative variables in econometrics
    • Cambridge University Press, Cambridge
    • Maddala, G.S., 1983. Limited dependent and qualitative variables in econometrics. Econometric Society Monographs, Cambridge University Press, Cambridge.
    • (1983) Econometric Society Monographs
    • Maddala, G.S.1
  • 25
    • 0007708619 scopus 로고    scopus 로고
    • Unemployment and labor market rigidities: Europe versus North America
    • Nickell S.J. Unemployment and labor market rigidities: Europe versus North America Journal of Economic Perspectives 11 1997 55-74
    • (1997) Journal of Economic Perspectives , vol.11 , pp. 55-74
    • Nickell, S.J.1
  • 26
    • 0034423288 scopus 로고    scopus 로고
    • Optimal monetary policy with a non-linear Phillips curve
    • Nobay R.A. Peel D.A. Optimal monetary policy with a non-linear Phillips curve Economics Letters 67 2000 159-164
    • (2000) Economics Letters , vol.67 , pp. 159-164
    • Nobay, R.A.1    Peel, D.A.2
  • 28
    • 12444307405 scopus 로고    scopus 로고
    • The inflation bias when the central banker targets the natural rate of unemployment
    • forthcoming
    • Ruge-Murcia, F.J., 2002. The inflation bias when the central banker targets the natural rate of unemployment. European Economic Review, forthcoming.
    • (2002) European Economic Review
    • Ruge-Murcia, F.J.1
  • 29
    • 0004119769 scopus 로고    scopus 로고
    • The non-linear Phillips curve and inflation forecast targeting
    • Working paper/1999, Bank of England
    • Schaling, E., 1999. The non-linear Phillips curve and inflation forecast targeting. Working paper/1999, Bank of England.
    • (1999)
    • Schaling, E.1
  • 30
    • 0002646431 scopus 로고    scopus 로고
    • Reflections on the natural rate hypothesis
    • Stiglitz J. Reflections on the natural rate hypothesis Journal of Economic Perspectives 11 1997 3-10
    • (1997) Journal of Economic Perspectives , vol.11 , pp. 3-10
    • Stiglitz, J.1
  • 31
    • 11244326555 scopus 로고    scopus 로고
    • Asymmetric central bank preferences and nonlinear policy rule
    • Mimeo., Bocconi University
    • Surico, P., 2002. Asymmetric central bank preferences and nonlinear policy rules. Mimeo., Bocconi University.
    • (2002)
    • Surico, P.1
  • 32
    • 0000529574 scopus 로고    scopus 로고
    • Inflation forecast targeting: Implementing and monitoring inflation targets
    • Svensson L.E.O. Inflation forecast targeting: Implementing and monitoring inflation targets European Economic Review 41 1997 111-1146
    • (1997) European Economic Review , vol.41 , pp. 111-1146
    • Svensson, L.E.O.1
  • 34
    • 0033149338 scopus 로고    scopus 로고
    • The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European Central Bank
    • Taylor J.B. The robustness and efficiency of monetary policy rules as guidelines for interest rate setting by the European Central Bank Journal of Monetary Economics 43 1999 655-679
    • (1999) Journal of Monetary Economics , vol.43 , pp. 655-679
    • Taylor, J.B.1
  • 35
    • 0003888332 scopus 로고    scopus 로고
    • Optimal monetary policy inertia
    • Mimeo., University of Princeton
    • Woodford, M., 1999. Optimal monetary policy inertia. Mimeo., University of Princeton.
    • (1999)
    • Woodford, M.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.