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This paper extends the asymmetric preference model suggested by Ruge-Murcia (2003a) to investigate the use of real-time data which roughly measure the type of data available to policy makers when making their decisions and revised data which more accurately measure economic performance (Croushore, 2011). In our extended model, the central banker mo...
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... is, if the ARCH model is correctly speci…ed, then the standardized squared residuals must be serially uncorrelated. Table 2 contains the results of various neglected ARCH tests. This table is broken down into two panels (Panels A and B), which show the results for unemployment and output series, respectively. ...Similar publications
The subject of this work is the Phillips curve paradigm in macroeconomics with an emphasis on its development in New Keynesian theory. The main objective of the work is to reach scientifically relevant and practically useful knowledge on the concept of the Phillips curve and development its application to the related macroeconomic variables in Serb...
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Levels of unemployment is of great concern to policy makers in most world economies. Many models have been developed to address the problem but no clear solution has been found. Closely related to unemployment is the problem of inflation. Stagflation, a condition where both unemployment and inflation are high at the same time has resulted to ineffe...
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This paper seeks to check the existence of possible nonlinearity in the behavior of the Central Bank of Tunisia (CBT) in response to changes in macroeconomic variables over 2000:1-2018:12 period (pre-and post-2011 revolution). We used a general model with asymmetric loss function, which enables Central Bankers to weight differently positive and negative deviations of inflation and output from their reference values, as well as a nonlinear economic structure. The empirical analysis reveals that in the pre-revolutionary period, the CBT, for the sake of financial stability approved asymmetric preferences only toward the inflation rate in the sense that it reduces interest rate by a larger amount when inflation is expected to be below the target than the amount it will increase it when it is expected to be above target. During the post-revolutionary period, which was marked by a severe economic recession, the CBT also showed asymmetric preferences toward the output stabilization as it reacted more vigorously to recession. Nevertheless, for a sufficiently large inflation pressure strengthened by the nonlinear economic structure, the CBT is obliged to enhance sharply the political instrument and to carry out a strict restrictive monetary policy.
