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Perhaps the FOMC did what it said it did : an alternative interpretation of the Great Inflation

Listed author(s):
  • Sharon Kozicki
  • Peter A. Tinsley

This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of US monetary policy an in the implied central bank target for inflation. Empirical results and FOMC transcripts support a neglected interpretation of policy during the Great inflation of the 1970’s

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File URL: http://www.kansascityfed.org/Publicat/Reswkpap/PDF/RWP05-04.pdf
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Paper provided by Federal Reserve Bank of Kansas City in its series Research Working Paper with number RWP 05-04.

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Date of creation: 2005
Handle: RePEc:fip:fedkrw:rwp05-04
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  26. Stephen M. Goldfeld, 1976. "The Case of the Missing Money," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 7(3), pages 683-740.
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  35. John A. Tatom, 1978. "Economic growth and unemployment: a reappraisal of the conventional view," Review, Federal Reserve Bank of St. Louis, issue Oct, pages 16-23.
  36. Kalchbrenner, J. H. & Tinsley, P. A. & Berry, J. & Garrett, B., 1977. "On filtering auxiliary information in short-run monetary policy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 7(1), pages 39-84, January.
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