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Monetary Regime Switches and Central Bank Preferences

Debortoli, D and Praca Cavaco Nunes, Ricardo (2014) Monetary Regime Switches and Central Bank Preferences Journal of Money, Credit and Banking, 46 (8). pp. 1591-1626.

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Abstract

Monetary policy objectives and targets are not necessarily constant over time. The regime-switching literature has typically analyzed and interpreted changes in policymakers' behavior through simple interest rate rules. This paper analyzes policy regime switches by explicitly modeling policymakers' behavior and objectives. We show that changes in the parameters of simple rules do not necessarily correspond to changes in policymakers' preferences. In fact, capturing and interpreting regime changes in preferences through interest rate rules can lead to misleading results.

Item Type: Article
Divisions : Faculty of Arts and Social Sciences > School of Economics
Authors :
NameEmailORCID
Debortoli, DUNSPECIFIEDUNSPECIFIED
Praca Cavaco Nunes, Ricardoricardo.nunes@surrey.ac.ukUNSPECIFIED
Date : 2014
Identification Number : 10.1111/jmcb.12160
Copyright Disclaimer : Copyright 2014 The Ohio State University.
Uncontrolled Keywords : monetary policy, regime switches, interest rate rules
Depositing User : Melanie Hughes
Date Deposited : 10 Oct 2017 17:04
Last Modified : 10 Oct 2017 17:04
URI: http://epubs.surrey.ac.uk/id/eprint/842502

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