Was the high inflation of the 1970s mostly due to incomplete information about the structure of the economy (an unavoidable mistake as suggested by Orphanides, 2000)? Or, to weak reaction to expected inflation and/or excessive policy activism that led to indeterminacies (a policy mistake, a...

comments on the outlook for the U.S. economy and monetary policy at the International Monetary Conference, Washington, D.C., June 5, 2006