Muehlen, Peter von zur; Tetlow, Robert J. - Society for Computational Economics - SCE - 2004
In the late 1960s and into the 1970s, the United States experienced a burst of inflation the origins of which seemed … have arrived at the erroneous conclusion that its output-inflation trade-off was better than is truly the case. This … equilibria and restore stability of inflation expectations. An implication of this is that the observed higher volatility of the …