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Econ Focus

Bad Luck or Bad Policy?

Why inflation rose and fell, and what this means for monetary policy
By Vanessa Sumo

Related Links

Clarida, Richard, Jordi Galí, and Mark Gertler. "Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory." Quarterly Journal of Economics, February 2000, vol. 115, no. 1, pp. 147-180.

Lubik, Thomas A. and Schorfheide, Frank, "Computing Sunspots in Linear Rational Expectations Models." PIER Working Paper, October 2001, no. 01-047.

Lubik, Thomas A. and Schorfheide, Frank, "Testing for Indeterminacy: An Application to U. S. Monetary Policy" PIER Working Paper, July 2002, no. 02-025.

Primiceri, Giorgio E. "Time Varying Structural Vector Autoregressions and Monetary Policy." Northwestern University Working Paper, July 2004.

Primiceri, Giorgio E. "Why Inflation Rose and Fell: Policymakers' Beliefs and U.S. Postwar Stabilization Policy." NBER Working Paper no. 11147, February 2005.

Sims, Christopher A. and Tao Zha, "Were There Regime Switches in U.S. Monetary Policy?" (June 2004). Federal Reserve Bank of Atlanta Working Paper no. 2004-14.

Stock, James H., and Mark W. Watson. "Has the Business Cycle Changed? Evidence and Explanations." Prepared for the Federal Reserve Bank of Kansas City Symposium, Monetary Policy and Uncertainty, August 2003, Jackson Hole, Wyoming.

Velde, Francois. "Poor Hand or Poor Play? The Rise and Fall of Inflation in the U.S." Federal Reserve Bank of Chicago Economic Perspectives, 1st Quarter 2004, vol. 28, pp. 34-51.

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