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A simple Empirical Measure of Central Bank's Conservatism

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

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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
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Citations: View citations in EconPapers (1)

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Working Paper: A simple empirical measure of central banks' conservatism (2012) Downloads
Working Paper: A simple empirical measure of central banks' conservatism (2012) Downloads
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