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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/10005344906
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