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Tracking a central banker's preference: A nonparametric regression approach
Bulletin of Economic Research ( IF 0.888 ) Pub Date : 2021-05-24 , DOI: 10.1111/boer.12288
Cheolbeom Park 1 , Sookyung Park 2
Affiliation  

We examine how the Fed's preference influences the behavior of inflation rate and unemployment rate using US data over the period of 1960–2017. After showing instability in a constant-coefficient regression, we run a nonparametric regression, and find that the Fed's preference parameters have moved, implying that its preference can be represented by the asymmetric preference model putting more weights on high unemployment rate approximately before the era of Volcker's chairmanship and by the inflation targeting model during the 1980s and 1990s. The Fed's preferences again seem concerned about higher unemployment after the Global Financial Crisis.

中文翻译:

追踪央行行长的偏好:一种非参数回归方法

我们使用 1960-2017 年期间的美国数据研究了美联储的偏好如何影响通货膨胀率和失业率的行为。在显示常数系数回归的不稳定性后,我们运行非参数回归,发现美联储的偏好参数发生了变化,这意味着它的偏好可以用不对称偏好模型来表示,大约在沃尔克担任主席并在 1980 年代和 1990 年代采用通胀目标模型。美联储的偏好似乎再次担心全球金融危机后失业率上升。
更新日期:2021-05-24
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