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The Great Inflation and the Greenbook.

Abstract:

Can the story of evolving Federal Reserve beliefs in The Conquest of American Inflation simultaneously explain the Great Inflation and the forecasts published in the Greenbook during that time? If Sargent is correct then evolving beliefs should be reflected not only in policy outcomes but also in Greenbook forecasts. In this paper they are. By conditioning on the Greenbook, it is show that both inflation outcomes and Greenbook forecasts can be rationalised by evolving beliefs. The...

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Publication status:
Published
Peer review status:
Not peer reviewed
Version:
Author's Original

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Publisher copy:
10.1016/j.jmoneco.2009.06.003

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Institution:
University of Oxford
Role:
Author
Publisher:
Elsevier B.V. Publisher's website
Journal:
Journal of Monetary Economics Journal website
Volume:
56
Issue:
6
Publication date:
2009-09-05
DOI:
URN:
uuid:32fecf09-f043-492e-8eb8-dbc21e7a7eff
Local pid:
oai:economics.ouls.ox.ac.uk:15148
Language:
English

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