Meta  T aylor Rules for the  UK  and  A ustralia; Accommodating Regime Uncertainty in Monetary Policy Analysis Using Model Averaging Methods | Zendy

Lee Kevin | Zendy; Olekalns Nilss | Zendy; Shields Kalvinder | Zendy

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Meta T aylor Rules for the UK and A ustralia; Accommodating Regime Uncertainty in Monetary Policy Analysis Using Model Averaging Methods

Author(s) -

Lee Kevin,

Olekalns Nilss,

Shields Kalvinder

Publication year - 2013

Publication title -

the manchester school

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.361

H-Index - 42

eISSN - 1467-9957

pISSN - 1463-6786

DOI - 10.1111/manc.12000

Subject(s) - taylor rule , monetary policy , economics , econometrics , inference , taylor series , set (abstract data type) , policy analysis , computer science , macroeconomics , mathematics , central bank , artificial intelligence , law , mathematical analysis , political science , programming language

This paper provides a characterization of UK and A ustralian monetary policy within a T aylor rule framework, accommodating uncertainties about the nature and duration of policy regimes in a flexible but easy‐to‐implement analysis. Our approach involves estimation and inference based on a set of T aylor rules obtained through linear regression methods, but combined into a ‘meta’ rule using model averaging techniques. Using data that were available in real time, the estimated version of the meta T aylor rule provides a useful and detailed characterization of monetary policies in the UK and A ustralia over the last 30 years.

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