Article ID Journal Published Year Pages File Type
965456 Journal of Macroeconomics 2012 16 Pages PDF
Abstract
► There is no consensus on whether US monetary policy in the 1970s was stabilizing. ► The disagreement is largely caused by using different measures of the output gap. ► We construct output gap using economic research on the natural rate of unemployment. ► The results show that the Fed did not follow a Taylor rule.
Keywords
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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Taylor rules and the Great Inflation
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