83
Views
2
CrossRef citations to date
0
Altmetric
Articles

Nonlinearities in Central Bank of Tunisia’s Reaction Function: Pre-and Post Revolution Analysis

&
Pages 169-183 | Received 23 Jan 2019, Accepted 10 Dec 2019, Published online: 22 Dec 2019

References

  • Aguirre, I., & Vázquez, J. (2018). Inflation Monitoring in real time: A Comparative analysis of the Federal Reserve and the Bank of England. International Review of Economics and Finance, 58, 200–209.
  • Aragon, D. S., & De Medeiros, G. B. (2013). Testing asymmetries in Central Bank preferences in a small open economy: A study for Brazil. Economia (pontificia Universidad Catolica Del Peru. Departamento De Economia), 14(2), 61–76.
  • Ball, L., & Mankiw, G. N. (1994). Asymmetric price adjustment and economic Fluctuations. The Economic Journal, 104, 247–261.
  • Blinder, A. S. (1997). Distinguished Lecture on Economics and Government; What Central Bankers could learn from academics and viceversa. Journal of Economic Perspective, 11, 3–19.
  • Blinder, A. S. (1998). Central banking in Theory and practice. Cambridge: MIT Press.
  • Calvo, G. A. (1983). Staggered prices in a Utility Maximising framework. Journal of Monetary Economics, 12, 383–398.
  • Cassou, S. P., Scott, C. P., & Vázquez, J. (2012). Optimal monetary policy with asymmetric preferences for output. Economics Letters, 117, 654–656.
  • Cassou, S. P., Scott, C. P., & Vázquez, J. (2018). Optimal monetary policy Revisited: Does considering real-time data change Things? Applied Economics, 50, 6203–6219.
  • Clarida, R., Gali, J., & Gertler, M. (1999). The Science of monetary policy: A New Keynesian Perspective. Journal of Economic Literature, 37, 1661–1707.
  • Clarida, R., Gali, J., & Gertler, M. (2000). Monetary policy rules and macroeconomic stability: Evidence and some Theory. Quarterly Journal of Economics, 115, 147–180.
  • Corrado, L., & Holly, S. (2003). Non linear Phillips Curves, Mixing Feedback rules and The distribution of inflation and output. Journal of Economic Dynamics and Control, 28(3), 467–492.
  • Cukierman, A. (2000). The inflation bias result revisited. Tel-Aviv University: Berglas School of Economics.
  • Cukierman, A., & Muscatelli, V. (2008). Nonlinear Taylor rules and asymmetric preferences in Central banking: Evidence from the United Kingdom and the United States. The B.E. Journal of Macroeconomics, 8(1), 1–31.
  • Debelle, G., & Laxton, D. (1997). Is the Phillips curve Really a curve? Some evidence for Canada, the United Kingdom, and the United States. Staff Papers - International Monetary Fund, 44, 249–282.
  • Debelle, G., & Vickery, J. (1998). Is the Phillips curve a curve? Some evidence and Implications for Australia. Economic Record, 74, 384–398.
  • De Sa, R., & Portugal, M. S. (2015). Central Bank and asymmetric preferences: An application of sieve estimators to the U.S. And Brazil. Economic Modelling, 51, 72–83.
  • Dolado, J. J., Maria-Dolores, R., & Naveira, M. (2005). Are monetary policy reaction functions asymmetric? The Role of Non-linearity in the Phillips curve. European Economic Review, 49, 485–503.
  • Dolado, J. J., Maria-Dolores, R., & Ruge-Murcia, F. J. (2004). Non-linear monetary policy rules: Some New evidence for the US. Studies in Non-Linear Dynamics and Econometrics, 8, 1–32.
  • Eliasson, C. (2001). Is the Short-run Phillips Curve Nonlinear? Empirical Evidence for Australia, Sweden and the United States. SverigesRiksBank Working Paper Series n° 124.
  • Goodhard, C. A. E. (1999). Central Bankers and uncertainty. Bank of England Quarterly Bulletin, 39(1), 102–121.
  • Haddou, S. (2010). Non-linéarité de la fonction de réaction des autorités monétaires tunisiennes. Économie et Prévision, 196, 99–110.
  • Hansen, L. P. (1982). Large sample Properties of generalized method of moments estimators. Econometrica, 50, 1029–1054.
  • Hayat, A., & Mishra, S. (2010). Federal reserve monetary policy and the non linearity of the Taylor rule. Economic Modelling, 27(5), 1292–1301.
  • Ikeda, T. (2014). Asymmetric preferences in real-time learning and the Taylor rule. Economics Letters, 124(3), 487–489.
  • Kahneman, D., & Tversky, A. (1979). Prospect Theory: An analysis of decision under Risk. Econometrica, 47(2), 263–292.
  • Karagedikli, O., & Lees, K. (2006). Asymmetric monetary policy in Australia. Economic Record, 82, S85–S96.
  • Kobbi, I. (2016). Asymétrie des préférences de la Banque Centrale: Causes, modélisations et conséquences. La Revue Gestion et Organisation, 8(2), 107–117.
  • Kobbi, I., & Gabsi, F. (2017). The Non linearity Of The New Keynesian Phillips curve: The case Of Tunisia. Economies, 5(3), 1–12.
  • Kobbi, I., & Gabsi, F. B. (2014). “L’ asymétrie” de la politique monétaire en Tunisie: Estimation d'une règle forward-looking non linéaire pour la Banque Centrale. Economie Appliquée, 67, 139–168.
  • Laxton, D., Rose, D., & Tambakis, D. (1999). The U.S. Phillips curve: The case for asymmetry. Journal of Economic Dynamics and Control, 23, 1459–1485.
  • Mello, L., Moccero, D., & Mogliani, M. (2009). Do Latin American Central Bankers Behave Non-Linearly?, The Experiences of Brazil, Chile, Colombia and Mexico, OECD Economics Department Working Papers 679.
  • Nobay, A. R., & Peel, D. A. (1998). Optimal Discretionary Monetary Policy in a Model of Asymmetric Central Bank Preferences. FMG, Discussion Papers dp306, Financial Markets Group.
  • Qin, T., & Enders, W. (2008). In-sample and out-of-sample properties of linear and nonlinear Taylor rules. Journal of Macroeconomics, 30, 428–443.
  • Ruge-Murcia, F. (2003a). Inflation targeting under asymmetric preference. Journal of Money, Credit and Banking, 35(5), 763–785.
  • Ruge-Murcia, F. J. (2003b). Does the Barro-Gordon model explain the behavior of US inflation? A reexamination of the empirical evidence. Journal of Monetary Economics, 50, 1375–1390.
  • Sack, B., & Wieland, V. (2000). Interest-Rate smoothing and optimal monetary policy: A Review of recent empirical evidence. Journal of Economics and Business, 52, 205–228.
  • Schaling, E. (1999). The non-linear Phillips curve and inflation forecast targeting - symmetric versus asymmetric monetary policy rules. Bank of England Working Paper, No.98.
  • Schaling, E. (2004). The Non-linear Phillips curve and inflation forecast targeting: Symmetric versus asymmetric monetary policy rules. Journal of Money, Credit, and Banking, 36(3), 361–386.
  • Staiger, D., & Stock, J. H. (1997). Instrumental variables regression with weak instruments. Econometrica, 65(3), 557–586.
  • Surico, P. (2003). Asymmetric reaction functions for the Euro Area. Oxford Review of Economic Policy, 19(1), 44–57.
  • Surico, P. (2007). The monetary policy of the European Central Bank. Scandinavian Journal of Economics, 109(1), 115–135.
  • Surico, P. (2008). Measuring the time Inconsistency of US monetary policy. Economica, 75, 22–38.
  • Svensson, L. E. O. (1999). Inflation targeting as a monetary policy rule. Journal of Monetary Economics, 43, 607–654.
  • Varian, H. (1974). A Bayesian approach to real Estate Assessment. In S. E. Feinberg & A. Zellner (Eds.), Studies in Bayesian Economics in Honour of L. J. Savage (pp. 195–208). Amsterdam: North-Holland.
  • Zellner, A. (1986). Bayesian estimation and Prediction using asymmetric loss functions. Journal of the American Statistical Association, 81, 446–451.
  • Zheng, T., Wang, X., & Guo, H. (2012). Estimating forward-looking rules for China's monetary policy: A regime-switching perspective. China Economic Review, 23, 47–59.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.