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dc.contributor.authorCassou, Steven P.
dc.contributor.authorVázquez Pérez, Jesús
dc.date.accessioned2012-10-08T17:05:41Z
dc.date.available2012-10-08T17:05:41Z
dc.date.issued2012
dc.identifier.issn1988-088X
dc.identifier.urihttp://hdl.handle.net/10810/8762
dc.description.abstractThis paper considers a time varying parameter extension of the Ruge-Murcia (2003, 2004) model to explore whether some of the variation in parameter estimates seen in the literature could arise from this source. A time varying value for the unemployment volatility parameter can be motivated through several means including variation in the slope of the Phillips curve or variation in the preferences of the monetary authority.We show that allowing time variation for the coefficient on the unemployment volatility parameter improves the model fit and it helps to provide an explanation of inflation bias based on asymmetric central banker preferences, which is consistent across subsamples.es
dc.description.sponsorshipSome of this research was supported by the Spanish Ministry of Science and Innovation and the Basque Government, grant numbers ECO2010-16970 and IT-214-07, respectively.es
dc.language.isoenges
dc.publisherUniversity of the Basque Country, Department of Foundations of Economic Analysis IIes
dc.relation.ispartofseriesDFAEII 2012.08
dc.rightsinfo:eu-repo/semantics/openAccesses
dc.subjectasymmetric preferenceses
dc.subjecttime varying parameteres
dc.subjectconditional unemployment volatilityes
dc.titleTime Variation in an Optimal Asymmetric Preference Monetary Policy Modeles
dc.typeinfo:eu-repo/semantics/workingPaperes
dc.subject.jelE31
dc.subject.jelE52
dc.subject.jelE61
dc.identifier.repecRePEc:ehu:dfaeii:8762es
dc.departamentoesFundamentos del análisis económico IIes_ES
dc.departamentoeuEkonomia analisiaren oinarriak IIes_ES
dc.subject.categoriaECONOMICS, ECONOMETRICS AND FINANCE
dc.subject.categoriaMACROECONOMICS AND MONETARY ECONOMICS


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