{"title":"利率变动的非对称偏好与非线性货币政策惯性","authors":"Anna Florio","doi":"10.1111/j.1467-9485.2009.00503.x","DOIUrl":null,"url":null,"abstract":"Introducing in a central bank loss function asymmetric preferences for interest rate stabilization together with a (symmetric) smoothing goal could lead to asymmetric interest rate smoothing. An empirical analysis supports this theoretical result and finds for the disinflation (Volcker) period a more cautious adjustment of interest rates downwards than upwards, and for the ‘price stability’ (Greenspan) period a more inertial behaviour in the opposite direction.","PeriodicalId":203235,"journal":{"name":"ERN: Forecasting & Simulation (Monetary) (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2009-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":"{\"title\":\"Asymmetric Preferences for Interest Rate Variability and Non-Linear Monetary Policy Inertia\",\"authors\":\"Anna Florio\",\"doi\":\"10.1111/j.1467-9485.2009.00503.x\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Introducing in a central bank loss function asymmetric preferences for interest rate stabilization together with a (symmetric) smoothing goal could lead to asymmetric interest rate smoothing. An empirical analysis supports this theoretical result and finds for the disinflation (Volcker) period a more cautious adjustment of interest rates downwards than upwards, and for the ‘price stability’ (Greenspan) period a more inertial behaviour in the opposite direction.\",\"PeriodicalId\":203235,\"journal\":{\"name\":\"ERN: Forecasting & Simulation (Monetary) (Topic)\",\"volume\":\"15 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2009-02-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Forecasting & Simulation (Monetary) (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/j.1467-9485.2009.00503.x\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Forecasting & Simulation (Monetary) (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/j.1467-9485.2009.00503.x","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Asymmetric Preferences for Interest Rate Variability and Non-Linear Monetary Policy Inertia
Introducing in a central bank loss function asymmetric preferences for interest rate stabilization together with a (symmetric) smoothing goal could lead to asymmetric interest rate smoothing. An empirical analysis supports this theoretical result and finds for the disinflation (Volcker) period a more cautious adjustment of interest rates downwards than upwards, and for the ‘price stability’ (Greenspan) period a more inertial behaviour in the opposite direction.