کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099751 | 1478709 | 2006 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The inflation aversion of the Bundesbank: A state space approach
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
A simple backward-looking Taylor rule is estimated in a time-varying coefficient framework with quarterly German data for the period 1975-1998. The main finding is that the inflation aversion of the Bundesbank was not constant over time and exhibits some sudden and large shifts during the period of monetary targeting. There are phases with low and with high inflation aversion. These findings provide an explanation why the estimated inflation coefficient in backward-looking Taylor rules often does not exceed one and violates the implications of theoretical models. Moreover, the results provide evidence that the Bundesbank followed the so-called 'opportunistic approach' to disinflation.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 30, Issues 9â10, SeptemberâOctober 2006, Pages 1671-1686
Journal: Journal of Economic Dynamics and Control - Volume 30, Issues 9â10, SeptemberâOctober 2006, Pages 1671-1686
نویسندگان
Vladimir Kuzin,