Orphanides, Athanasios; Williams, John C. - 2003
to have a life of its own."
Fears of inflation or deflation, whether entirely justi ed from the policymakers’ perspective …Inflation Scares and Forecast-Based Monetary Policy
Athanasios Orphanides
Board of Governors of the Federal Reserve … inflation expectations. In standard models, however,
inflation expectations are tied down by the assumption of rational …