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Monetary Policy and Performance in the U.S., Japan and Europe, 1973-86

Fischer, Stanley - 2007

Monetary policies in the U.S., Japan, Germany and the United Kingdom over the period 1973-1986 are compared and evaluated, with the aim of drawing lessons for monetary policy from the recent historical record. All four countries shifted during this period to money targeting, though with...

Persistent link: https://www.econbiz.de/10012777224

The Great Inflation in the United States and the United Kingdom : Reconciling Policy Decisions and Data Outcomes

DiCecio, Riccardo - 2010

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an explanation valid for both countries. The explanation does not appeal to common shocks or to exchange rate linkages, but to the common doctrine underlying the systematic monetary...

Persistent link: https://www.econbiz.de/10012757531

Inflation Targeting in the United States?

Goodfriend, Marvin - 2021

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,...

Persistent link: https://www.econbiz.de/10013233841

The Desirability of a Dollar Appreciation, Given a Contractionary U.S. Monetary Policy

Frankel, Jeffrey A. - 2022

Undesirable real effects have been attributed to floating exchange rates in general, and the 1980-83 appreciation of the dollar in particular.In the appreciating country, the U.S., export industries lose competitiveness and so output falls. In the other country, say Europe, the exchange rate...

Persistent link: https://www.econbiz.de/10013308503

Three Great American Disinflations

Bordo, Michael D. - 2007

This paper analyzes the role of transparency and credibility in accounting for the widely divergent macroeconomic effects of three episodes of deliberate monetary contraction: the post-Civil War deflation, the post-WWI deflation, and the Volcker disinflation. Using a dynamic general equilibrium...

Persistent link: https://www.econbiz.de/10012777317

Israel and the 1990-2015 Global Developments : Riding with the Global Flows and Weathering the Storms

Razin, Assaf - 2016

The global economy has been buffeted by several unprecedented economic events during the past 35 years. We survey the … during this time, from a low income high-inflation developing economy in the 1970s, to a medium to high income stable …- inflation advanced economy in the 2000s, while increasingly integrated into the world economy. The extraordinary events surveyed …

Persistent link: https://www.econbiz.de/10012984097

Israel's Triumph Over Inflation : The Long and Winding Road

Razin, Assaf - 2017

The paper gives an economic-history perspective of the long struggle with inflation. It covers the early acceleration to three-digit levels, lasting 8 years; The stabilization program, based on political backing triggered sharp fall in inflationary expectation, and consequently to sharp...

Persistent link: https://www.econbiz.de/10012964913

The Great Inflation : Did the Shadow Know Better?

Poole, William - 2011

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve...

Persistent link: https://www.econbiz.de/10013127975

Inflation Targeting

Svensson, Lars E. O. - 2011

stabilizing both inflation and the real economy, and has, as of 2010, been adopted by about 25 industrialized and emerging …

Persistent link: https://www.econbiz.de/10013131986

Transparency and Credibility : Monetary Policy with Unobservable Goals

Faust, Jon - 2010

We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more inflationary policy than a high-credibility bank, in...

Persistent link: https://www.econbiz.de/10013137302

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