Monetary Policy Mistakes and the Evolution of Inflation Expectations
- ISBN-10
- 1437935613
- ISBN-13
- 9781437935615
- Category
- Economics
- Pages
- 44
- Language
- English
- Published
- 2010
- Publisher
- DIANE Publishing
- Authors
- Athanasios Orphanides, John C. Williams
Description
What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s and 1970s? The authors use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary policy strategies. The authors document that policymakers at the time both had an overly optimistic view of the natural rate of unemployment and put a high priority on achieving full employment. They show that in the presence of realistic informational imperfections and with an emphasis on stabilizing economic activity, an optimal control approach would have failed to keep inflation expectations well anchored, resulting in highly volatile inflation during the 1970s. Charts and tables.
Get the book
Similar books
-
Heinemann Humanities Three
By Pearson Education Australia StaffHeinemann Humanities Three
-
镶嵌: 社会网与经济行动
By 格兰诺维特清华社会学教参
-
经济思想史: 伦敦经济学院讲演录
By 罗宾斯, Lionel Baron Robbins莱昂内尔的这部著名经济思想史讲演录构成了自第二次世界大战以来的经济思想变革的最伟大的成就之一。这些讲演,是在1979年和1981年间在伦敦经济学院做的 ...
-
Economic Analysis: Theory and Application
By Charles E. Ferguson, S. Charles MauriceGiven three bundles of goods ( A , B , and C ) , if an individual prefers A to B and B to C , he must prefer A to C. Similarly ... If you drive a Ford rather than a Rolls Royce , we cannot infer that you prefer a Ford to a Rolls .
-
The Battle of Ideas: Economics and the Struggle for a Better World
By Peter J. BoettkeIn his address, Professor Boettke will focus on the history of recent economic thought, the winners and losers in the battle of ideas, and the role of institutions, entrepreneurship, and economic freedom in creating the conditions for free ...
-
The Economic Way of Thinking
By Peter J. Boettke, David L. Prychitko, Paul T. HeyneMARKET: Intended primarily for one semester survey courses in general economics, this text also provides practical content to current and aspiring industry professionals.
-
Educating for Business, Public Service and the Social Sciences: A History of the Faculty of Economics at the University of...
By Peter Diderik GroenewegenOf the honours graduates in 1973, medallist William Evans went into banking, as did John Rush at the Reserve Bank of Australia and Ian Shepherd (after a period as adviser to the then leader of the opposition, Billie Snedden).
-
Economics, Principles and Policy
By William J. Baumol, Alan S. Blinder, William M. ScarthGLENWO FALAIS DECA RPIQUET JEANNE DE LA CHRISTOPHE DRESDEN CEAUMONT BE GE ( NARD AV BEAUMONT RUE ARD ) RUH BATES ... DROLET ST DOMIW NIQUE DU MANOIR 130 MANSEAU DECE LEY WWAVER MIA MILDERT RUE SI ANDRE ST AUF CLARK BEA BIEN DUCHAR ME I ...
-
Economics
By Paul Wonnacott, Ronald J. Wonnacott( In rebuttal , Herbert Stein observed : “ Unfortunately , that is not true . A rising tide does not lift the boats that are under water . . . . Many kinds of poverty will not be significantly relieved by faster growth .
-
Philosophy, Politics, and Economics: An Anthology
By Jonathan Anomaly, Geoffrey Brennan, Michael C. MungerThe only book on the market to include classical and contemporary readings from key authors in Philosophy, Politics, and Economics (PPE), this unique anthology provides a comprehensive overview of the central topics in this rapidly ...