Goodfriend, Marvin; King, Robert G. - Department of Economics, Boston University - 2005
model, we argue that the real effects of the Volcker disinflation were mainly due to its imperfect credibility. In our view … key indicators of its imperfect credibility. Studying transcripts of the Federal Open Market Committee recently released … rates as indicative of inflation expectations and of the credibility of their disinflationary policy. Drawing from the …