Cukierman, Alex - In: Comparative Economic Studies 52 (2010) 2, pp. 159-179
paper also evaluates the impact of inflation uncertainty on monetary policy. Real-time Greenbook inflation forecasts reveal … that, during the great inflation period, the Fed's staff believed that monetary policy was more restrictive than it turned … out to be with the benefit of hindsight. The opposite happened during inflation stabilization under Volcker. …