Monetary policy preferences of the EMU and the UK

Philip Arestis, Michail Karoglou, Kostas Mouratidis

Research output: Contribution to journalArticlepeer-review


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 languageEnglish
Pages (from-to)528-550
Number of pages23
JournalManchester School
Issue number4
Early online date22 Jul 2015
Publication statusPublished - 3 Jun 2016


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