variances for all series, and decreases in the variances of inflation and the output gap, without any need of sunspot shocks …

We use a Bayesian time-varying parameters structural VAR with stochastic volatility for GDP deflator inflation, real … Inflation was due, to a dominant extent, to large demand non-policy shocks, and to a lesser extent–especially in 1973 and 1979 … difference in terms of inflation and output growth outcomes; and (3)mechanically ‘bringing the Monetary Policy Committee vback in …

1970s’ United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank–which is near-universally credited for sparing West Germany the Great Inflation–would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

deflator inflation, real GDP growth, and the rate of growth of M2. We identify 4 shocks–monetary policy, demand non …, with (e.g.) significant increases in the long-run coefficients on inflation and money growth around the time of the Volcker … macroeconomic environment of the last two decades. First, the Great Inflation was due, to a dominant extent, to large demand non …

-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. …

-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. …

striking negative correlation between the evolution of the long-run coefficient on inflation in the monetary rule and the … evolution of the persistence and predictability of inflation relative to a trend component. Using a standard sticky-price model …, we show that a more aggressive policy stance towards inflation causes a decline in inflation predictability, providing a …

linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …

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

linked to the monetary policy regime. Before and after the 'Great Inflation', nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the 'Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …