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Monetary policy rules and the Great Inflation Author info | Abstract | Publisher info | Download info | Related research | Statistics Athanasios Orphanides
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The nature of monetary policy during the 1970s is evaluated through the lens of a forward-looking Taylor rule based on perceptions regarding the outlook for inflation and unemployment at the time policy decisions were made. The evidence suggests that policy during the 1970s was essentially indistinguishable from a systematic, activist, forward-looking approach such as is often identified with good policy advice in theoretical and econometric policy evaluation research. This points to the unpleasant possibility that the policy errors of the 1970s occurred despite the use of a seemingly desirable policy approach. Though the resulting activist policies could have appeared highly promising, they proved, in retrospect, counterproductive.
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Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number
2002-8.
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Date of creation: 2002Date of revision:
Handle: RePEc:fip:fedgfe:2002-8Contact details of provider: Postal: 20th Street and Constitution Avenue, NW, Washington, DC 20551 Web page: http://www.federalreserve.gov/ More information through EDIRC
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Keywords: Monetary policy Inflation (Finance) Other versions of this item:
This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Athanasios Orphanides, 2000.
"The quest for prosperity without inflation ,"
Working Paper Series
15, European Central Bank.
[Downloadable!]
Other versions:
Orphanides, Athanasios, 1999.
"The Quest for Prosperity Without Inflation ,"
Working Paper Series
93, Sveriges Riksbank (Central Bank of Sweden).
[Downloadable!] Orphanides, Athanasios, 2003.
"The quest for prosperity without inflation ,"
Journal of Monetary Economics ,
Elsevier, vol. 50(3), pages 633-663, April.
[Downloadable!] (restricted) Christina D. Romer & David H. Romer, 2000.
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American Economic Review ,
American Economic Association, vol. 90(3), pages 429-457, June.
[Downloadable!] (restricted)
Taylor, John B., 1993.
"Discretion versus policy rules in practice ,"
Carnegie-Rochester Conference Series on Public Policy ,
Elsevier, vol. 39, pages 195-214, December.
[Downloadable!] (restricted)
Athanasios Orphanides, 1998.
"Monetary policy evaluation with noisy information ,"
Finance and Economics Discussion Series
1998-50, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
Other versions: Richard Clarida & Jordi Galí & Mark Gertler, 2000.
"Monetary Policy Rules And Macroeconomic Stability: Evidence And Some Theory ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 115(1), pages 147-180, February.
[Downloadable!] (restricted)
Other versions:
Clarida, Richard & Galí, Jordi & Gertler, Mark, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
CEPR Discussion Papers
1908, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Richard Clarida & Jordi Gali & Mark Gertler, 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
NBER Working Papers
6442, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory ,"
Economics Working Papers
350, Department of Economics and Business, Universitat Pompeu Fabra, revised May 1999.
[Downloadable!] Clarida, R. & Gali, J. & Gertler, M., 1998.
"Monetary Policy Rules and Macroeconomic Stability: Evidence and some Theory ,"
Working Papers
98-01, C.V. Starr Center for Applied Economics, New York University.
[Downloadable!] Athanasios Orphanides, 2001.
"Monetary policy rules, macroeconomic stability and inflation: a view from the trenches ,"
Working Paper Series
115, European Central Bank.
[Downloadable!]
Other versions:
Athanasios Orphanides, 2001.
"Monetary policy rules, macroeconomic stability and inflation: a view from the trenches ,"
Finance and Economics Discussion Series
2001-62, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!] Orphanides, Athanasios, 2004.
"Monetary Policy Rules, Macroeconomic Stability, and Inflation: A View from the Trenches ,"
Journal of Money, Credit and Banking ,
Blackwell Publishing, vol. 36(2), pages 151-75, April.
Athanasios Orphanides, 2001.
"Monetary Policy Rules Based on Real-Time Data ,"
American Economic Review ,
American Economic Association, vol. 91(4), pages 964-985, September.
[Downloadable!] (restricted)
Other versions: Athanasios Orphanides, 2000.
"Activist stabilization policy and inflation: the Taylor rule in the 1970s ,"
Finance and Economics Discussion Series
2000-13, Board of Governors of the Federal Reserve System (U.S.).
[Downloadable!]
William Poole, 1999.
"Monetary policy rules? ,"
Review ,
Federal Reserve Bank of St. Louis, issue Mar, pages 3-12.
[Downloadable!]
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