A textual Taylor rule: estimating central bank preferences combining topic and scaling methods
نویسندگان
چکیده
منابع مشابه
Economic Stability and the Central Bank: Rule of Discretion
The history of monetary policy in Iran, judging by their performance in keeping the value of the currency, maintaining a steady growth in the Gross Domestic Product, faltering investment, show that monetary policy has not been a portrait of consistent successes, to say the least. As a result of the recent studies two rules have emerged as guideline for policy makers: Taylor rule and McCallum ru...
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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 necessaril...
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This paper takes the parameters in central bank loss functions as fundamental preferences to be estimated from the data. It is these preferences (along with target values) that define the policy regime in operation and that potentially change with senior central bank appointments. Optimizing central banks apply policy rules whose feedback coefficients are functions of its preferences. Consequen...
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BACKGROUND Additional insights into patient preferences can be gained by supplementing discrete choice experiments with best-worst choice tasks. However, there are no empirical studies illustrating the relative advantages of the various methods of analysis within a random utility framework. METHODS Multinomial and weighted least squares regression models were estimated for a discrete choice e...
متن کاملeconomic stability and the central bank: rule of discretion
the history of monetary policy in iran, judging by their performance in keeping the value of the currency, maintaining a steady growth in the gross domestic product, faltering investment, show that monetary policy has not been a portrait of consistent successes, to say the least. as a result of the recent studies two rules have emerged as guideline for policy makers: taylor rule and mccallum ru...
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ژورنال
عنوان ژورنال: Political Science Research and Methods
سال: 2018
ISSN: 2049-8470,2049-8489
DOI: 10.1017/psrm.2018.31