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http://hdl.handle.net/10419/53933
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| Title: | | Perhaps the FOMC did what it said it did: An alternative interpretation of the Great Inflation  |
| Authors: | | Kozicki, Sharon Tinsley, P. A. |
| Issue Date: | | 2007 |
| Series/Report no.: | | Bank of Canada Working Paper 2007,19 |
| Abstract: | | This paper uses real-time briefing forecasts prepared for the Federal Open Market Committee (FOMC) to provide estimates of historical changes in the design of U.S. monetary policy and in the implied central-bank target for inflation. Empirical results support a description of policy with an effective inflation target of roughly 7 percent in the 1970s. Moreover, the evidence suggests that mismeasurement of the degree of economic slack was largely irrelevant for explaining the Great Inflation while favouring a passive-policy description of monetary policy. FOMC transcripts provide a neglected interpretation of the source of passive policyintermediate targeting of monetary aggregates. |
| Subjects: | | Central bank research Monetary aggregates Monetary policy implementation |
| JEL: | | E3 E5 N1 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Bank of Canada Working Papers
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