| 000 | 02284cam a22003617 4500 | ||
|---|---|---|---|
| 001 | w11562 | ||
| 003 | NBER | ||
| 005 | 20211020112458.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2005 mau fo 000 0 eng d | ||
| 100 | 1 |
_aGoodfriend, Marvin. _911655 |
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| 245 | 1 | 4 |
_aThe Incredible Volcker Disinflation / _cMarvin Goodfriend, Robert King. |
| 260 |
_aCambridge, Mass. _bNational Bureau of Economic Research _c2005. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w11562 |
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| 500 | _aAugust 2005. | ||
| 520 | 3 | _aUsing 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. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aE3 - Prices, Business Fluctuations, and Cycles _2Journal of Economic Literature class. |
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| 690 | 7 |
_aE4 - Money and Interest Rates _2Journal of Economic Literature class. |
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| 690 | 7 |
_aE5 - Monetary Policy, Central Banking, and the Supply of Money and Credit _2Journal of Economic Literature class. |
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| 690 | 7 |
_aN1 - Macroeconomics and Monetary Economics • Industrial Structure • Growth • Fluctuations _2Journal of Economic Literature class. |
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| 700 | 1 | _aKing, Robert. | |
| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w11562. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w11562 |
| 856 |
_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w11562 |
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_2ddc _cW-PAPER |
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_c336593 _d295155 |
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