Are Public Preferences Reflected in Monetary Policy Reaction Functions?

In this paper, we test whether public preferences for price stability (obtained from the Eurobarometer survey) are actually reflected in the interest rates set by eight central banks. We estimate augmented Taylor (1993) rules for the period 1976–1993 using the dynamic GMM estimator. We find, first,...

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Bibliographic Details

Published in:	MAGKS - Joint Discussion Paper Series in Economics (Band 21-2013)
Main Author:	Neuenkirch, Matthias
Format:	Article
Language:	English
Published:	2013
Subjects:	Democratic Legitimation Eurobarometer Central Bank Wirtschaft Taylor Rules. Public Preferences Inflation Aversion, Monetary Policy Economics
Online Access:	PDF Full Text
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