This paper investigates the implications of a nonlinear Phillips curve for the derivation of
optimal monetary policy rules. Combined with a quadratic loss function, the optimal policy is …

This paper investigates the empirical relevance of a new framework for monetary policy
analysis in which the decision makers are allowed, but not required, to weight differently …

With projections showing inflation heading back toward target and the labor market
continuing to improve, the Federal Reserve has begun to contemplate an increase in the …

The Kydland–Prescott, Barro–Gordon inflation bias result hinges on policymakers aiming at
employment above potential. This has been questioned by academics and policymakers on …

We examine potential nonlinear behaviour in the conduct of monetary policy by the Bank of
England. We find significant nonlinearity in this policy setting, and in particular that the …

Nigeria has over the years been controlling her economy through various macroeconomic
policies of which monetary policy is among using some monetary policy instruments in …

This paper investigates the nature of nonlinearities in the monetary policy rule of the US
Federal Reserve (Fed) using the flexible approach to nonlinear inference. We find that while …

We develop a new class of time series models to identify nonlinearities in the data and to
evaluate DSGE models. US output growth and the federal funds rate display nonlinear …

This paper offers a preliminary evaluation of ECB conduct of monetary policy by estimating a
fairly general reaction function for the euro area. The specification of the policy rule …

This paper examines the in-sample and out-of-sample properties of linear and nonlinear
Taylor rules using real-time US data. We find that:(i) in-sample and out-of-sample …