The incredible Volcker disinflation
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Author
Contributions
- King, Robert G. - Contributor
- National Bureau of Economic Research. - Contributor
Publication
2005 - National Bureau of Economic Research, Cambridge, MA, Massachusetts
Language
English
Word Count
12,250 words, Guess
Page Count
49 pages
Identifiers
- OCLC Control Number61707063
- Open LibraryOL17627671M
Description
"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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