The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation
Abstract
With positive trend inflation, the Taylor principle does not guarantee a determinate equilibrium. We provide new theoretical results on determinacy in New Keynesian models with positive trend inflation and new empirical findings on the Federal Reserve's reaction function before and after the Volcker disinflation to find that, (i) while the Fed likely satisfied the Taylor principle before Volcker, the US economy was still subject to self-fulfilling fluctuations in the 1970s, (ii) the US economy switched to determinacy during the Volcker disinflation, and (iii) the switch reflected changes in the Fed's response to macroeconomic variables and the decline in trend inflation. (JEL E12, E23, E31, E32, E52)
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Citations
Cites
An Historical Analysis of Monetary Policy Rules
Taylor, J. (1998) · doi:10.3386/w6768 · Cited by 657
Cited by
Coibion, O., Gorodnichenko, Y., & Wieland, J. (2012) · The Review of Economic Studies · doi:10.1093/restud/rds013 · Cited by 359
Self-citationMonetary/Fiscal policy mix and agents' beliefs
Bianchi, F., & Ilut, C. (2017) · Review of Economic Dynamics · doi:10.1016/j.red.2017.02.011 · Cited by 259
Metadata
- Authors
- Coibion, O., & Gorodnichenko, Y.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2011-02-01
- Volume
- 101
- Issue
- 1
- Pages
- 341-370
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3123473914
- Cited by
- 310
- References
- 1
- FWCI
- 62.99
- Type
- journal article
- Language
- en
- Open access
- closed
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- Coibion, O., & Gorodnichenko, Y. (2011). Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation. American Economic Review. https://doi.org/10.1257/aer.101.1.341
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