Gavin, William T.; Kydland, Finn E. - In: Review of Economic Dynamics 2 (1999) 2, pp. 347-369
This paper documents changes in the cyclical behavior of nominal data series that appear after 1979:Q3 when the Federal Reserve implemented a policy to lower the inflation rate. Such changes were not apparent in real variables. A business cycle model with impulses to technology and a role for...