Estimates of a ‘Pandemic Taylor rule’ loss function

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This article applies a central bank-style loss function to policymaker decision-making during the Covid-19 pandemic. An empirical Taylor rule-style model is used to estimate preference weights associated with lost economic activity and Covid-19 cases and deaths for the four largest US states. Results demonstrate that there are preference differences across states with Republican-led states placing greater weight on economic loss than do those with Democrat governors. Moreover, all states in the sample responded to changes in Covid over the sample period.

Original languageEnglish
Pages (from-to)2040-2045
Number of pages6
JournalApplied Economics Letters
Issue number15
StatePublished - 2023


  • Covid-19
  • health loss function
  • policymaker preferences


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