Monetary Magic? How the Fed Improved the Flexibility of the U.S. Economy

Working Paper No. 04/24

Monetary Magic? How the Fed Improved the Flexibility of the U.S. Economy
Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips curve, we find strong evidence that this link READ MORE...

Publication date: February 2004
ISBN 9781451844177
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Publication date: February 2004

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Publication date: February 2004

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