MARC Record from Library of Congress

LEADER: 02278cam a22003017a 4500
001 2011656096
003 DLC
005 20110610090453.0
007 cr |||||||||||
008 110609s2011 mau sb 000 0 eng
010 $a 2011656096
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aPoole, William.
245 14 $aThe great inflation$h[electronic resource] :$bdid the shadow know better? /$cWilliam Poole, Robert H. Rasche, David C. Wheelock.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2011.
490 1 $aNBER working paper series ;$vworking paper 16910
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/9/2011.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve officials and many academic economists at the time. The Shadow argued that price stability should be the primary goal of monetary policy and favored gradual adjustment of monetary growth to a rate consistent with price stability. This paper evaluates the Shadow's policy rule in the context of the New Keynesian macroeconomic model of Clarida, Gali, and Gertler (1999). Simulations of the model suggest that the gradual stabilization of monetary growth favored by the Shadow would have lowered inflation with less impact on output growth and less variability in inflation or output than a one-time reduction in monetary growth. We conclude that the Shadow articulated a policy that would have outperformed the policies actually implemented by the Federal Reserve during the Great Inflation era"--National Bureau of Economic Research web site.
700 1 $aRasche, Robert H.
700 1 $aWheelock, David C.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 16910.
856 40 $uhttp://www.nber.org/papers/w16910