both deviations from the policy rule and a drifting inflation target. Once the inflation target is fixed, the incidence of …

1980’s. In particular, inflation persistence has declined sharply. The paper demonstrates that this decline is consistent …) the central bank more aggressively responds to inflation. …

The authors examine the inflation take-off of the early 1970s in terms of the expectations trap hypothesis, according … to which fear of violating the public’s inflation expectations pushed the Fed into producing high inflation. This … interpretation is compared with the Phillips curve hypothesis, according to which the Fed produced high inflation as the unfortunate …

unemployment can arise in such a framework without placing any a priori restrictions on either wages or severance payments. The …

An analysis of the variance of wages within and between industries, finding that wage differences are virtually …