This paper provides an explanation for the run-up of U.S. inflation in the 1960s and 1970s and the sharp disinflation … by low inflation. However, prolonged episodes of high inflation ending with rapid disinflations can occur when … policymakers underestimate both the natural rate of unemployment and the persistence of inflation in the Phillips curve. I estimate …

This paper assesses the proximate causes of the post pandemic surge in US inflation, the Federal Reserve's real time …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

A parsimonious model of shifting policy regimes can simultaneously capture expected and actual US inflation during 1969 …. Private sector learning about policymaker type leads to a reputation state variable. We use model inflation forecasting rules … to extract state variables from SPF inflation forecasts. US inflation is tracked by optimal policy without commitment …

Why do some attempts at disinflation lead to substantial reductions in inflation while others do not? We investigate … that a fundamental determinant of success in reducing inflation was the strength of the Federal Reserve's commitment to … disinflation at the start of its attempts. In episodes where its commitment was high, there were significant declines in inflation …

The paper begins by tracing the origins of the case for inflation targeting in postwar US monetary history. It … describes five aspects of inflation targeting practiced implicitly by the Greenspan Fed. It argues that (1) low long run … inflation should be an explicit priority for monetary policy, (2) as a practical matter it is not desirable for the Fed to vary …

When policymakers implement a disinflation program directed at high inflation, the real dollar value of their country …, the average cumulative abnormal 12-month return associated with disinflations directed at moderate inflation is negative … not experience a quick, low-cost transition from moderate inflation to the Fed's two-percent target …