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Federal Reserve Bank of Kansas City
Research Working Paper
Perhaps the FOMC did what it said it did : an alternative interpretation of the Great Inflation
Sharon Kozicki
Peter A. Tinsley
Abstract

This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of US monetary policy an in the implied central bank target for inflation. Empirical results and FOMC transcripts support a neglected interpretation of policy during the Great inflation of the 1970’s


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Sharon Kozicki & Peter A. Tinsley, Perhaps the FOMC did what it said it did : an alternative interpretation of the Great Inflation, Federal Reserve Bank of Kansas City, Research Working Paper RWP 05-04, 2005.
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Keywords: Federal Open Market Committee
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