摘要：This paper develops and estimates a game-theoretical model of inflation targeting where
the central banker’s preferences are asymmetric around the targeted rate. In particular, 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 the generalization of preferences. Estimates of the central banker’s
preference parameters for Canada, Sweden, and the United Kingdom are statistically different
from the ones implied by the commonly used quadratic loss function. Econometric results are
robust to different forecasting models for the rate of unemployment but not to the use of measures
of inflation broader than the one targeted
