Article ID Journal Published Year Pages File Type
965518 Journal of Macroeconomics 2012 14 Pages PDF
Abstract
► I argue that the Great Moderation can be explained by an overhaul of Federal Reserve doctrine. ► This position is supported by public and private statements by Arthur Burns. ► Empirical evidence provides additional support for the overhaul of doctrine hypothesis. ► Estimated policy rules can explain reduction in volatility of output and inflation. ► Fed as inflation creator rather than inflation fighter.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
Authors
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