987 resultados para Formes quadratiques


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This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size asymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed's inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.

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Affiliation: Dany Gagnon & Sylvie Nadeau: École de réadaptation, Faculté de médecine, Université de Montréal & Centre de recherche interdisciplinaire en réadaptation, Institut de réadaptation de Montréal

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Affiliation: Sophie Broussau, Amelie Pilotte & Bernard Massie : Départment de microbiologie et immunologie, Faculté de médecine, Université de Montréal

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Affiliation: Svetlana Shumikhina &Stéphane Molotchnikoff : Département de Sciences Biologiques, Université de Montréal

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Affiliation: Paul Allard : Département de kinésiologie, Université de Montréal

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Affiliation: Mark Daniel : Département de médecine sociale et préventive, Faculté de médecine, Université de Montréal

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Affiliation: Bryn Williams-Jones : Département de médicine sociale et préventive, Faculté de medecine, Université de Montréal

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Affiliation: Institut de recherche en immunologie et en cancérologie, Université de Montréal

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Affiliation: Johanne Renaud & Claude Marquette : CHU Ste-Justine, Université de Montréal

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Affiliation: Augustin Zeba & Hélène Delisle : Département de nutrition, Faculté de médecine, Université de Montréal

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Affiliation: CHU Ste-Justine, Université de Montréal

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Affiliation: Claudia Kleinman, Nicolas Rodrigue & Hervé Philippe : Département de biochimie, Faculté de médecine, Université de Montréal

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Affiliation: Département de Psychologie, Université de Montréal

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Affiliation: Faculté de Médecine Vétérinaire, Université de Montréal

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Affiliation: Département de microbiologie et immunologie, Faculté de médecine, Université de Montréal & Institut de Recherches Cliniques de Montréal