This paper verifies the performance of the Barro and Gordon (1983) model to explain the US inflation since the early 1950's. We divide the period from 1951:2 to 2005:2 according to each chairman of the Federal Reserve (FED). In addition, we consider aggregated periods, represented by pre-,...

Purpose The purpose of this paper is to investigate the relationship between inflation, interest rate, and output gap in the US economy in the post Second World War period, without assuming any structure nor imposing any restriction on that relationship. Design/methodology/approach The authors...