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A Rehabilitation of Monetary Policy in the 1950s

Romer, Christina D. - 2002

policymakers had an overarching aversion to inflation and were willing to accept significant costs to prevent it from rising to … even moderate levels. This aversion to inflation was the result of policymakers' beliefs that higher inflation could not … raise output in the long run, that the level of output that would trigger increases in inflation was only moderate, and that …

Persistent link: https://www.econbiz.de/10012469915

Institutions for Monetary Stability

Romer, Christina D. - 1996

This paper demonstrates that failures in monetary policy arise not just from dynamic inconsistency, but more importantly, from imperfect understanding of the economy and the effects of policy. Using recent and historic episodes from the United States and abroad, we show that limited knowledge on...

Persistent link: https://www.econbiz.de/10012473291

The Evolution of Economic Understanding and Postwar Stabilization Policy

Romer, Christina D. - 2002

There have been large changes in the conduct of aggregate demand policy in the United States over the past fifty years. This paper shows that these changes in policy have resulted largely from changes in policymakers' beliefs about the functioning of the economy and the effects of policy. We...

Persistent link: https://www.econbiz.de/10012469435

What Ends Recessions?

Romer, Christina D. - 1994

This paper analyzes the contributions of monetary and fiscal policy to postwar economic recoveries. We find that the Federal Reserve typically responds to downturns with prompt and large reductions in interest rates. Discretionary fiscal policy, in contrast, rarely reacts before the trough in...

Persistent link: https://www.econbiz.de/10012474154

Inflation and the Growth Rate of Output

Romer, Christina D. - 1996

This paper shows that inflation has depended strongly on the growth rate of output for most of the twentieth century …

Persistent link: https://www.econbiz.de/10012473273