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 …

inflation or a guide to policy. The explanation proposed by Sargent (1999) for the US Great Inflation is therefore unlikely to … account for the Great Inflation in the UK. (2) The proposition that inflation is a monetary phenomenon is fully consistent …

in place after the Volcker disinflation and before 1970 than during the Great Inflation of the 1970s. Our estimates also … the different regimes to a measure of inflation persistence. …

appointment of Volcker marked a change in the conduct of monetary policy, but inflation dropped only when fiscal policy … accommodated this change two years later. In fact, a disinflationary attempt of the monetary authority leads to more inflation if … been confident about the switch, the Great Inflation would not have occurred and debt would have been higher. This is …

-stop incentives that produced inefficient volatility of both inflation and unemployment during the Great Inflation. Fed credit policy …

-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 …

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 …

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 …

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

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 …