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The incredible Volcker disinflation

Author: Marvin Goodfriend; Robert G King; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2005.
Series: Working paper series (National Bureau of Economic Research), no. 11562.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"Using a simple modern macroeconomic model, we argue that the real effects of the Volcker disinflation in the early 1980s were mainly due to imperfect credibility, evident in volatility and stubbornness of long-term interest rates. Studying recently released transcripts of the Federal Open Market Committee, we find-- to our surprise-- that Volcker and other FOMC members also regarded long-term interest rates as key  Read more...
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Genre/Form: History
Named Person: Paul A Volcker; Paul A Volcker
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Marvin Goodfriend; Robert G King; National Bureau of Economic Research.
OCLC Number: 61321412
Notes: August 2005.
Title from first page of PDF document.
Description: 1 online resource (49 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 11562.
Responsibility: Marvin Goodfriend, Robert King.

Abstract:

"Using a simple modern macroeconomic model, we argue that the real effects of the Volcker disinflation in the early 1980s were mainly due to imperfect credibility, evident in volatility and stubbornness of long-term interest rates. Studying recently released transcripts of the Federal Open Market Committee, we find-- to our surprise-- that Volcker and other FOMC members also regarded long-term interest rates as key indicators of inflation expectations and of their disinflationary policy's credibility. We also consider the interplay of monetary targets, operating procedures, and credibility during the Volcker disinflation"--National Bureau of Economic Research web site.

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