The decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations
نویسندگان
چکیده
منابع مشابه
The Decline of Activist Stabilization Policy: Natural Rate Misperceptions, Learning, and Expectations
Natural rate misperceptions generated the potential of significant upward inflationary pressure in the late 1960s and 1970s. With the activist stabilization policy in place during this period, these misperceptions led to a series of persistent policy errors that inadvertently destabilized the economy and inflation expectations. We develop a model that highlights the interaction of these policy ...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2005
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2005.06.004