The ups and downs of inflation and the role of Fed credibility

Diana A. Cooke and William Gavin ()

The Regional Economist, 2014

Abstract: This look at interest rates and inflation in the U.S. over the past 50 years helps to clarify ideas about the Fed?s monetary policy and its own credibility. The authors examine three periods corresponding to three different policies: when the Fed operated without credibility, when it was earning credibility and when it was operating with credibility.

Date: 2014
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