Bordo, Michael; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2007
episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated … each episode within the context of a stylized DSGE model. Our model simulations indicate how a more predictable policy of …, and to the transparency and credibility of the monetary authorities. We attempt to account for the salient features of …