A simple Empirical Measure of Central Bank's Conservatism

Grégory Levieuge and Yannick Lucotte ()
Additional contact information
Yannick Lucotte: LEO - Laboratoire d'Économie d'Orleans [UMR7322] - UO - Université d'Orléans - UT - Université de Tours - CNRS - Centre National de la Recherche Scientifique

Working Papers from HAL

Abstract: In this paper we suggest a simple empirical and model independent measure of Central Banks' Conservatism, based on the Taylor curve. This new indicator can easily be extended in time and space, whatever the underlying monetary regime of the considered countries. We demonstrate that it evolves in accordance with the monetary experiences of 32 OECD member countries from 1980, and is largely equivalent to the model-based measure provided by Krause & M endez [Southern Economic Journal, 2005]. We nally bring forward the interest of such an indicator for further empirical analysis dealing with the preferences of Central Banks.

Keywords: Central Banks' preferences; Conservatism; Taylor curve; Taylor rule; Préférences Banques Centrales; conservatisme; courbe de Taylor; règle de Taylor (search for similar items in EconPapers)
Date: 2012-05-04
New Economics Papers: this item is included in nep-cba and nep-mon
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00827680
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://shs.hal.science/halshs-00827680/document (application/pdf)

Related works:
Working Paper: A simple empirical measure of central banks' conservatism (2012)
Working Paper: A simple empirical measure of central banks' conservatism (2012)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:halshs-00827680

Access Statistics for this paper

More papers in Working Papers from HAL
Bibliographic data for series maintained by CCSD ().