The central bank could have asymmetric preferences for interest rate smoothing depending on the direction of the monetary policy’s stance. An empirical analysis for the Volcker–Greenspan period strongly supports this possibility for the Federal Reserve.
Asymmetric interest rate smoothing: the Fed approach
FLORIO, ANNA PAOLA
2006-01-01
Abstract
The central bank could have asymmetric preferences for interest rate smoothing depending on the direction of the monetary policy’s stance. An empirical analysis for the Volcker–Greenspan period strongly supports this possibility for the Federal Reserve.File in questo prodotto:
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Fed approach.pdf
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