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The short-run dynamics of long-run inflation policy

  • John B. Carlson
  • William T. Gavin
  • Katherine A. Samolyk

An examination of the short- and long-term implications of an inflation policy on real output, using a method that allows structural interpretation of a simple VAR applied to a macroeconomic system that includes real output and inflation.

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File URL: http://www.clevelandfed.org/Research/Review/1990/90-q3-carlson.pdf
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Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1990)
Issue (Month): Q III ()
Pages: 26-35

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Handle: RePEc:fip:fedcer:y:1990:i:qiii:p:26-35:n:v.26no.3
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  1. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-73, September.
  2. Robert G. King & Charles I. Plosser & James H. Stock & Mark W. Watson, 1991. "Stochastic trends and economic fluctuations," Working Paper Series, Macroeconomic Issues 91-4, Federal Reserve Bank of Chicago.
  3. Phillips, P.C.B., 1986. "Testing for a Unit Root in Time Series Regression," Cahiers de recherche 8633, Universite de Montreal, Departement de sciences economiques.
  4. John F. Boschen & Leonard O. Mills, 1989. "Real and monetary explanations of permanent movements in GNP," Working Papers 89-16, Federal Reserve Bank of Philadelphia.
  5. W. Lee Hoskins, 1990. "A monetary policy for the 1990's," Economic Commentary, Federal Reserve Bank of Cleveland, issue May.
  6. Schwert, G. William, 1987. "Effects of model specification on tests for unit roots in macroeconomic data," Journal of Monetary Economics, Elsevier, vol. 20(1), pages 73-103, July.
  7. Matthew D. Shapiro & Mark W. Watson, 1988. "Sources of Business Cycle Fluctuations," Cowles Foundation Discussion Papers 870, Cowles Foundation for Research in Economics, Yale University.
  8. Michael F. Bryan, 1990. "Inflation and growth: working more vs. working better," Economic Commentary, Federal Reserve Bank of Cleveland, issue Aug.
  9. Robert B. Litterman & Laurence Weiss, 1983. "Money, Real Interest Rates, and Output: A Reinterpretation of Postwar U.S. Data," NBER Working Papers 1077, National Bureau of Economic Research, Inc.
  10. Bernanke, Ben S., 1986. "Alternative explanations of the money-income correlation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 25(1), pages 49-99, January.
  11. David Altig & Charles T. Carlstrom, 1990. "Inflation and the personal tax code: assessing indexation," Working Paper 9006, Federal Reserve Bank of Cleveland.
  12. Christopher A. Sims, 1986. "Are forecasting models usable for policy analysis?," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 2-16.
  13. John P. Judd & Bharat Trehan, 1989. "Unemployment-rate dynamics: aggregate-demand and -supply interactions," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 20-37.
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