Empirical research on the degree and stability of inflation persistence in the US has produced mixed results: some … since the early 1980s. We show that post-WWII US inflation (monthly and quarterly) became highly persistent during the …´Great Inflation´ period, and then switched back to a low persistence process during 1984, and has remained stationary until the …

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 …

with a weak interest rate response to inflation. Using pseudo data generated by a sticky price model of the US economy, we … omission in the VARs of a variable capturing expected inflation is found to account for the price puzzle observed in simulated …

werden. Es wäre somit wünschenswert, wenn die EZB ihre begonnene restriktive Geldpolitik fortsetzen würde. Hans Wolfgang …

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 …