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Federal Reserve Bank of Chicago
Economic Perspectives
Inflation and monetary policy in the twentieth century
Lawrence J. Christiano
Terry J. Fitzgerald
Abstract

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.


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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.
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Keywords: Inflation (Finance) ; Monetary policy ; Unemployment
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