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1960 the Fed has generally tightened when unemployment peaked and this tightening often occurred after inflation began to … instruments of monetary policy and the timing of changes of selected real macro aggregates and price level (inflation) variables … rise. The Fed is often too late to prevent inflation"--National Bureau of Economic Research web site …
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"By the early 1960s, outstanding U.S. dollar liabilities began to exceed the U.S. gold stock, suggesting that the United States could not completely maintain its pledge to convert dollars into gold at the official price. This raised uncertainty about the Bretton Woods parity grid, and...
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We evaluate the decentralized structure of the Federal Reserve System as a mechanism for generating and processing new ideas on monetary policy over the 1960 - 2000 period. We document the introduction of monetarism, rational expectations, credibility, transparency, and other monetary policy...
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