Poor Hand or Poor Play? the Rise and Fall of Inflation in the U.S

François R. Velde

12 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Figure 1 shows the level of inflation in the U.S. economy (measured as the percentage growth in the gross domestic product or GDP deflator over the previous four quarters) from 1951 to 2003. The general pattern

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1993Discretion versus policy rules in practice 1977Rules Rather than Discretion: The Inconsistency of Optimal Plans 1976Econometric policy evaluation: A critique 1972Expectations and the neutrality of money 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*1983Oil and the Macroeconomy since World War II 1995The Role of Monetary Policy 1983Rules, discretion and reputation in a model of monetary policy

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