Policy Preferences for Output Stability before and after Inflation Targeting

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dc.contributor.authorAraújo, Eurilton
dc.contributor.authorPinheiro, Tatiana
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorAraújo, Eurilton
dc.creatorPinheiro, Tatiana
dc.date.accessioned2023-07-19T03:18:26Z
dc.date.available2023-07-19T03:18:26Z
dc.date.issued2008
dc.description.otherThis paper examines a set of inflation-targeting countries and presents evidence on the attitude of policymakers to positive and negative output gaps. In fact, central banks may dislike deviations from potential output of one sign more than deviations of the opposite sign. Instead of the usual quadratic specification, an asymmetric loss function describes these policy preferences. In this paper, we test for asymmetries concerning the output gap. Since the degree of symmetry may change with policy regimes, we consider, for each country, two sample periods: before and after the adoption of inflation targeting. Empirical results support a quadratic loss function for the majority of monetary policymakers, irrespective of the monetary policy regime.pt_BR
dc.format.extent11 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 007/2008
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5851
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC - São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsinflation targetingpt_BR
dc.subject.keywordscentral bankspt_BR
dc.subject.keywordssymmetric preferencespt_BR
dc.titlePolicy Preferences for Output Stability before and after Inflation Targetingpt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR

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