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Monetary policy rules, macroeconomic stability and inflation: a view from the trenches
Orphanides, Athanasios - European Central Bank - 2001
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
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The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations
Orphanides, Athanasios; Williams, John C. - European Central Bank - 2004
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