Monetary Policy and Inflation Dynamics
MPRA Paper from University Library of Munich, Germany
Since the early 1980s, the U.S. economy has changed in some important ways: inflation now rises considerably less when unemployment is low, and the volatility of output and inflation have fallen sharply. This paper examines whether changes in monetary policy can account for these changes in the economy. The results suggest that changes in monetary policy can account for most or all of the change in the inflationunemployment relationship. In addition, changes in policy can explain a large proportion of the reduction in the volatility of the output gap.
JEL-codes: G0 G00 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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Published in International Journal of Central Banking Number 3.Volume(2006): pp. 193-230
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Journal Article: Monetary Policy and Inflation Dynamics (2006)
Working Paper: Monetary policy and inflation dynamics (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:812
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