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| Author: | Boinet, V. Martin, C. |
| Title: | Targets, zones, and asymmetries: A flexible nonlinear model of recent UK monetary policy |
| Journal: | Oxford Economic Papers
2008 : JUL, VOL. 60:3, p. 423-439 |
| Index terms: | monetary policy models United Kingdom |
| Language: | eng |
| Abstract: | This paper estimates a flexible model of the behaviour of U.K. monetary policy makers in the inflation (hereafter as: infl.) targeting era based on a new representation of policymaker's preferences. There is found a complex relationship btw. interest rates (here as: i-rts.) and infl.: i-rts. are passive when infl. is close to the target. However, there is an increasingly forceful response with infl. deviating further from the target. |
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