Monetary policy preferences of the EMU and the UK

Philip Arestis; Michail Karoglou; Kostas Mouratidis

doi:10.1111/manc.12121

Monetary policy preferences of the EMU and the UK

Philip Arestis, Michail Karoglou, Kostas Mouratidis

Economics, Finance and Entrepreneurship

Research output: Contribution to journal › Article › peer-review

Abstract

We estimate the central bank policy preferences for the European Monetary Union and for the UK. In doing so, we extend the theoretical framework suggested by Cecchetti etal. (The Manchester School, Vol. 70 (2002), pp. 596-618), by assuming that policy preferences change across different regimes. Our empirical results suggest that the weight that policy makers put on inflation is typically profound. Furthermore, it appears that volatility shifts of the economic disturbances are the main factor, which generates variation in policy preferences.

Original language	English
Pages (from-to)	528-550
Number of pages	23
Journal	Manchester School
Volume	84
Issue number	4
Early online date	22 Jul 2015
DOIs	https://doi.org/10.1111/manc.12121
Publication status	Published - 3 Jun 2016

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10.1111/manc.12121

http://eprints.whiterose.ac.uk/86910/

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Monetary policy preferences of the EMU and the UK

Abstract

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