全球智库信息集成服务系统(G2TT): The Incredible Volcker Disinflation

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w11562
来源ID	Working Paper 11562
	The Incredible Volcker Disinflation
	Marvin Goodfriend; Robert King
发表日期	2005-08-22
出版年	2005
语种	英语
摘要	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.
主题	Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; History ; Macroeconomic History
URL	https://www.nber.org/papers/w11562
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/569206
推荐引用方式 GB/T 7714	Marvin Goodfriend,Robert King. The Incredible Volcker Disinflation. 2005.