Estimates of a ‘Pandemic Taylor rule’ loss function

Robert Sonora

Applied Economics Letters, 2023, vol. 30, issue 15, 2040-2045

Abstract: This article applies a central bank-style loss function to policymaker decision-making during the Covid-19 pandemic. An empirical Taylor rule-style model is used to estimate preference weights associated with lost economic activity and Covid-19 cases and deaths for the four largest US states. Results demonstrate that there are preference differences across states with Republican-led states placing greater weight on economic loss than do those with Democrat governors. Moreover, all states in the sample responded to changes in Covid over the sample period.

Date: 2023
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DOI: 10.1080/13504851.2022.2089619

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