Inflation Targeting under Asymmetric Preferences
构建并估计了一个博弈论模型，其中央行行长对通胀偏离目标的正负方向赋予不同权重，发现加拿大、瑞典和英国的偏好参数显著不同于传统二次损失函数假设。
This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. Specifically, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's loss function. It is shown that some of the previous results derived under the assumption of symmetry are not robust to this generalization of preferences. Estimates of the central banker's preference parameters for Canada, Sweden, and the UK are statistically different from the one implied by the commonly used quadratic loss function.