Monetary-Policy Rules and the Great Inflation
نویسندگان
چکیده
منابع مشابه
International Great Inflation and Common Monetary Policy∗
The Great Inflation of the 1970s was an international phenomenon. We study whether monetary authorities in the G7 countries were changing their responses to inflation in a similar manner during and following the Great Inflation era. Our results suggest that the common to the G7 countries inflation pattern during the Great Inflation period is associated with a common pattern in the monetary poli...
متن کاملMonetary Policy and Inflation Targeting
In the 1990s, several countries shifted to a new monetary policy regime: an announced quantitative inflation target. The reason for this shift was the unsatisfactory performance under previous regimes. New Zealand, Canada, Australia, and Spain all introduced inflation targets under persistently high inflation; the United Kingdom, Sweden, and Finland did so after having abandoned fixed exchange ...
متن کاملMonetary Policy and Inflation Targeting
On 21–22 July 1997, the Bank convened a conference entitled, 'Monetary Policy and Inflation Targeting'. The following excer pt is the introductory chapter of the conference volume. Medium-term price stability is widely accepted as the appropriate ultimate goal for monetary policy. This reflects two ideas. The first is that high rates of inflation distort decision-making, ultimately leading to s...
متن کاملCore inflation and monetary policy
What are the implications of targeting different measures of inflation? We extend a basic theoretical framework of optimal monetary policy under inflation targeting to include several components of CPI inflation, and analyze the implications of using different measures of inflation as target variable— core inflation, CPI excluding interest rates, and headline CPI inflation. Our main results are...
متن کاملMonetary Policy and the Great Moderation Monetary Policy and the Great Moderation
Increased focus on price stability by a discretionary central bank reduces output and price volatility in a model with rationally inattentive …rms. The volatility reduction can be arbitrarily large, e.g., imply a 'Great Moderation', and is particularly pronounced when …rms can process information almost perfectly. The model-implied vector auto-regressive (VAR) dynamics are consistent with the e...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: American Economic Review
سال: 2002
ISSN: 0002-8282
DOI: 10.1257/000282802320189104