What Determines the Sacrifice Ratio? A Bayesian Model Averaging Approach
Publication type: Journal Article
Publication date: 2019-03-22
scimago Q1
wos Q2
SJR: 0.984
CiteScore: 3.5
Impact factor: 1.4
ISSN: 03059049, 14680084
Statistics and Probability
Social Sciences (miscellaneous)
Statistics, Probability and Uncertainty
Economics and Econometrics
Abstract
Existing empirical studies on the sacrifice ratio (measuring the output cost of disinflation) consider a large number of potential explanatory variables including the length of disinflation, various institutional settings, economic conditions, and the political climate. Some results are robust across different studies, while others are not. We address the presence of model uncertainty by using the Bayesian model averaging method to identify the important determinants of the sacrifice ratio, without relying on ad hoc model selection. Our results show that the length of disinflation is the most important variable. This supports the ‘cold turkey’ argument for faster disinflation.
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Metrics
7
Total citations:
7
Citations from 2024:
2
(28.58%)
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Katayama H., Ponomareva N., Sharma M. What Determines the Sacrifice Ratio? A Bayesian Model Averaging Approach // Oxford Bulletin of Economics and Statistics. 2019. Vol. 81. No. 5. pp. 960-988.
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Katayama H., Ponomareva N., Sharma M. What Determines the Sacrifice Ratio? A Bayesian Model Averaging Approach // Oxford Bulletin of Economics and Statistics. 2019. Vol. 81. No. 5. pp. 960-988.
Cite this
RIS
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TY - JOUR
DO - 10.1111/obes.12304
UR - https://doi.org/10.1111/obes.12304
TI - What Determines the Sacrifice Ratio? A Bayesian Model Averaging Approach
T2 - Oxford Bulletin of Economics and Statistics
AU - Katayama, Hajime
AU - Ponomareva, Natalia
AU - Sharma, Malvin
PY - 2019
DA - 2019/03/22
PB - Wiley
SP - 960-988
IS - 5
VL - 81
SN - 0305-9049
SN - 1468-0084
ER -
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BibTex (up to 50 authors)
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@article{2019_Katayama,
author = {Hajime Katayama and Natalia Ponomareva and Malvin Sharma},
title = {What Determines the Sacrifice Ratio? A Bayesian Model Averaging Approach},
journal = {Oxford Bulletin of Economics and Statistics},
year = {2019},
volume = {81},
publisher = {Wiley},
month = {mar},
url = {https://doi.org/10.1111/obes.12304},
number = {5},
pages = {960--988},
doi = {10.1111/obes.12304}
}
Cite this
MLA
Copy
Katayama, Hajime, et al. “What Determines the Sacrifice Ratio? A Bayesian Model Averaging Approach.” Oxford Bulletin of Economics and Statistics, vol. 81, no. 5, Mar. 2019, pp. 960-988. https://doi.org/10.1111/obes.12304.