Inflation (Preliminary Draft, Comments Welcome!)

نویسندگان

Lawrence J. Christiano

Terry J. Fitzgerald

چکیده

We characterize the change in the nature of the money growth-inflation and unemployment-inflation relationships between the first and second halves of the 20th century. The changes are substantial, and we discuss some of the implications for modeling inflation dynamics. ∗ Northwestern University and NBER. Christiano is grateful for a National Science Foundation Grant to the National Bureau of Economic Research. † St. Olaf College and Federal Reserve Bank of Cleveland.

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