Williams, John C.; Orphanides, Athanasios - Society for Computational Economics - SCE - 2004
expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Indeed, we find that less ….
Keywords: Monetary policy, stagflation, rational expectations, learning.
JEL Classification System: E52
Correspondence … 1960s was soon overshadowed by the stagflation–high inflation
accompanied by high unemployment–in the 1970s.
In this paper …