Gorodnichenko, Yuriy; Shapiro, Matthew D. - 2022
-low unemployment. These interest rates were accommodative by historical standards. Nonetheless, inflation remained low. How did the Fed … succeed in sustaining rapid economic growth without fueling inflation and inflationary expectations? In retrospect, it is … explanation for the success of the Fed in accommodating growth with stable inflation in the late 1990s. It shows that if the …