This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker’s disinflation (1979-1982). My … the behavior of inflation expectations - agents expected shocks to persist in the pre-Volcker period, but not in the post …

Nach der jüngsten Finanz- und Wirtschaftskrise kamen verstärkt Forderungen auf, die Geldpolitik solle zur frühzeitigen …

The prevalent reinterpretations of the Great Inflation formulated in recent periods attribute the inflationist … the traditional Phillips curve. However, the Italian Great Inflation lasted too long to be considered the outcome of … costs of inflation, but they were impotent in the face of the inflationary preferences of society. The high level and the …

-time inflation and output gap data? Using economic research on the full employment level of unemployment and the natural rate of … no evidence that monetary policy stabilized inflation, even allowing for changes in the inflation target. While monetary … policy was stabilizing with respect to inflation forecasts, the forecasts systematically under-predicted inflation following …

hypothesis and study the relative merits of changes in structure and shocks for reproducing the conquest of the Great Inflation …

A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the … output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The …

This paper revisits the issue of what factors produced the macroeconomic policies that led to the Great Inflation of …--which claims that policymakers took a nonmonetary view of the inflation process--meets these criteria. Other explanations of the … Great Inflation are ruled out, with one exception (the output gap mismeasurement hypothesis), which supplements the monetary …

the Great Inflation and the Great Moderation. …

What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s … policy strategies. We show that policies constructed using modern optimal control techniques aimed at stabilizing inflation … stabilizing economic activity, an optimal control approach would have failed to keep inflation expectations well anchored …

time’ is important both for the formulation of monetary policy and for the study of inflation behaviour. For the United ….0 to 7.1 percentage points to average UK inflation in the 1970s and 0.7–5.5 percentage points to inflation in the 1980s. …