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I estimate a forward-looking monetary policy reaction function for the Federal Reserve for the periods before and after Paul Volcker's appointment as Chairman in 1979, using information that was available to the FOMC in real time from 1966 to 1995. The results suggest broad similarities in...
Persistent link: https://www.econbiz.de/10011604161
expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Indeed, we nd that less …
Persistent link: https://www.econbiz.de/10011604383
We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers' misperceptions of the natural rate of unemployment during the late 1960s...
Persistent link: https://www.econbiz.de/10010298293
expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Indeed, we nd that less …
Persistent link: https://www.econbiz.de/10005530787
I estimate a forward-looking monetary policy reaction function for the Federal Reserve for the periods before and after Paul Volcker's appointment as Chairman in 1979, using information that was available to the FOMC in real time from 1966 to 1995. The results suggest broad similarities in...
Persistent link: https://www.econbiz.de/10005344906
expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Indeed, we find that less …
Persistent link: https://www.econbiz.de/10005345289
, inflation expectations would have remained anchored and the stagflation of the 1970s would have been avoided. Indeed, we find …
Persistent link: https://www.econbiz.de/10005662108
Persistent link: https://www.econbiz.de/10000693500
Persistent link: https://www.econbiz.de/10001148313
Persistent link: https://www.econbiz.de/10001130942