Kim, Sokwon; Seo, Byeongseon - In: Hitotsubashi Journal of Economics 49 (2008) 2, pp. 91-108
The paper considers asymmetric central bank preferences and nonlinear AS curve in the monetary policy reaction function to examine nonlinear property of monetary policy rules. The optimal monetary policy rules are derived in a new Keynesian macroeconomic framework where the central bank has the...