Orphanides, Athanasios; Williams, John C. - 2011
"What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s … imperfections. This robust monetary policy rule yields simulated outcomes that are close to those seen during the period of the … and 1970s? We use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary …