Federal Reserve Bank of Chicago
Inflation and monetary policy in the twentieth century
This article characterizes the change in the nature of the money growth-inflation and unemployment-inflation relationships between the first and second halves of the twentieth century. The changes are substantial, and the authors discuss some of the implications for modeling inflation dynamics, notably for models of inflation that say that bad inflation outcomes result from poorly designed monetary policy institutions.
Cite this item
Lawrence J. Christiano & Terry J. Fitzgerald, "Inflation and monetary policy in the twentieth century"
, Federal Reserve Bank of Chicago, Economic Perspectives, issue Q I, pages 22-45, 2003.
Keywords: Inflation (Finance) ; Monetary policy ; Unemployment
This item with handle RePEc:fip:fedhep:y:2003:i:qi:p:22-45:n:v.27no.1
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