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dc.contributor.authorOrphanides, Athanasiosen
dc.contributor.authorWilliams, John C.en
dc.date.accessioned2006-08-01-
dc.date.accessioned2009-07-24T13:47:30Z-
dc.date.available2009-07-24T13:47:30Z-
dc.date.issued2004-
dc.identifier.piurn:nbn:de:hebis:30-10758en
dc.identifier.urihttp://hdl.handle.net/10419/25445-
dc.description.abstractWe develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers' misperceptions of the natural rate of unemployment during the late 1960s and 1970s on the formation of expectations and macroeconomic outcomes. We find that the combination of monetary policy directed at tight stabilization of unemployment near its perceived natural rate and large real-time errors in estimates of the natural rate uprooted heretofore quiescent in inflation expectations and destabilized the economy. Had monetary policy reacted less aggressively to perceived unemployment gaps, in inflation expectations would have remained anchored and the stag inflation of the 1970s would have been avoided. Indeed, we find that less activist policies would have been more effective at stabilizing both in inflation and unemployment. We argue that policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the achievement of price stability, contributing to the subsequent improvements in macroeconomic performance of the U.S. economy.en
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2004/24en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordMonetary Policyen
dc.subject.keywordStagnationen
dc.subject.keywordRational Expectationsen
dc.subject.keywordLearningen
dc.subject.stwGeldpolitiken
dc.subject.stwStagflationen
dc.subject.stwRationale Erwartungen
dc.subject.stwNatürliche Arbeitslosigkeiten
dc.subject.stwLernprozessen
dc.subject.stwUSAen
dc.titleThe decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations-
dc.typeWorking Paperen
dc.identifier.ppn515164909en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:200424en

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