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 …

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 …