Orphanides, Athanasios (contributor); … - 2004
the management of the Federal Reserve Bank of San Francisco.
a
Federal Reserve Board, Washington, D.C. 20551, Tel … and 1970s. We
develop an estimated model of the U.S. economy in which private agents have imperfect
knowledge of the true … full employment of economic resources. According to this view, active management
of aggregate demand would counteract any …