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dc.contributor.authorArestis, Philipen
dc.contributor.authorKaroglou, Michailen
dc.contributor.authorMouratidis, Kostasen
dc.date.accessioned2015-06-18T12:54:02Z
dc.date.available2015-06-18T12:54:02Z
dc.date.issued2015-07-22en
dc.identifier.issn1463-6786
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/248548
dc.description.abstractWe estimate the central bank policy preferences for the European Monetary Union and for the UK. In doing so, we extend the theoretical framework suggested by Cecchetti et al. (2002) by assuming that policy preferences change across different regimes either due to the different phases of the business cycle, or due to changes in propagation mechanism, or due to volatility shifts of the underlying structural shocks. Our empirical results suggest that the weight that policy makers put on inflation is typically profound. Furthermore, it appears that volatility shifts of the economic disturbances is the main factor, which generates variation in policy preferences.
dc.languageEnglishen
dc.language.isoenen
dc.publisherWiley
dc.subjectMonetary policy preferencesen
dc.subjectmultiple equilibriaen
dc.subjectMarkov-switchingen
dc.titleMonetary Policy Preferences of the EMU and the UKen
dc.typeArticle
dc.description.versionThis is the author accepted manuscript. The final version is available from Wiley via https://doi.org/10.1111/manc.12121en
prism.endingPage550
prism.publicationDate2015en
prism.publicationNameThe Manchester Schoolen
prism.startingPage528
prism.volume84en
rioxxterms.versionofrecord10.1111/manc.12121en
rioxxterms.versionAM
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2015-07-22en
dc.contributor.orcidArestis, Philip [0000-0001-8729-4846]
dc.identifier.eissn1467-9957
rioxxterms.typeJournal Article/Reviewen
rioxxterms.freetoread.startdate2017-07-22


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