Dennis, Richard - Federal Reserve Bank of San Francisco - 2001
-Greenspan periods. Over the Volcker-Greenspan period we estimate the inflation target to be 2.0% and find that policymakers were willing …. In contrast, for the Burns-Miller period the inflation target is estimated to be 5.9%, and we find that policy makers …. Consequently, over this period policymakers tended to accommodate movements in inflation. We find statistical evidence that a …