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Escaping volatile inflation.

Abstract:

Why has inflation been so stable in developed economies since the early 1990s? In this paper, we answer that the United States and other countries may have escaped from a volatile inflation equilibrium. Our argument builds on the story proposed by Tom Sargent in The Conquest of American Inflation, where the fall in inflation in the 1980s was attributed to changing government beliefs. To explain the escape in inflation volatility, we unwind one of Sargent's simplifications and allow the govern...

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Publisher copy:
10.1111/j.1538-4616.2007.00054.x

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Journal:
Journal of Money, Credit and Banking
Volume:
39
Issue:
4
Publication date:
2007-06-05
DOI:
URN:
uuid:628b3f2b-09f4-4479-91ce-3001447a6105
Local pid:
oai:economics.ouls.ox.ac.uk:15147
Language:
English

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