-form) properties of the economy. Based on estimated models for the Great Inflation and the most recent period, I show that, as a … played by monetary policy in exacerbatingthe Great Depression, causing the Great Inflation, or fostering theGreat Moderation …

control for the inflation rate. Fourth, traditional New Keynesian approaches analyze the impacts of fiscal stimuli on standard …

empirical inflation series in the estimation. When using CPI or PCE, we find some support for the view that the Federal Reserve …'s policy was extra easy and may have led to equilibrium indeterminacy. Instead, when measuring inflation with core PCE … that inflation in the model is measured by a single indicator. We re-formulate the artificial economy as a factor model …