Orphanides, Athanasios; Williams, John C. - 2022
A monetary policy strategy that keeps inflation expectations solidly anchored in line with a clearly communicated … nominal anchor succeeds in taming inflation scares and allows the Fed to respond more effectively to economic downturns. This … was a key policy message in Marvin Goodfriend’s 1993 article “Interest Rate Policy and the Inflation Scare Problem: 1979 …