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Reading the recent monetary history of the U.S., 1959-2007

  • Jesus Fernández-Villaverde
  • Pablo Guerrón-Quintana
  • Juan F. Rubio-Ramírez.

The authors report the results of the estimation of a rich dynamic stochastic general equilibrium model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. They use the results of this estimation to examine the recent monetary history of the U.S. and to interpret, through this lens, the sources of the rise and fall of the great American inflation from the late 1960s to the early 1980s and of the great moderation of business cycle fluctuations between 1984 and 2007.

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File URL: http://www.philadelphiafed.org/research-and-data/publications/working-papers/2010/wp10-15.pdf
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Paper provided by Federal Reserve Bank of Philadelphia in its series Working Papers with number 10-15.

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Date of creation: 2010
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Handle: RePEc:fip:fedpwp:10-15
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  1. Burton A. Abrams, 2006. "How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes," Working Papers 06-04, University of Delaware, Department of Economics.
  2. Kenneth L. Judd, 1998. "Numerical Methods in Economics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262100711, June.
  3. Robert Wright, 2009. "Inside the Fed: monetary policy and its management, Martin through Greenspan to Bernanke," Business History, Taylor & Francis Journals, vol. 51(5), pages 797-799.
  4. Alejandro Justiniano & Giorgio E. Primiceri, 2006. "The Time Varying Volatility of Macroeconomic Fluctuations," NBER Working Papers 12022, National Bureau of Economic Research, Inc.
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