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• W1551799435 abstract "Extending recent theoretical contributions on sources of inflation inertia, we argue that monetary uncertainty accounts for sluggish expectations adjustment to nominal disturbances. Estimating a model in which rational individuals learn over time about shifts in U.S. monetary policy and the Phillips curve, we find strong evidence that this link exists. These results question the standard approach for evaluating monetary rules by assuming unchanged private sector responses, help clarify the role of monetary stability in reducing output variability in the U.S. and elsewhere, and tell a subtle and dynamic story of the interaction between monetary policy and the supply-side of the eco" @default.
• W1551799435 created "2016-06-24" @default.
• W1551799435 creator A5079774918 @default.
• W1551799435 creator A5088195934 @default.
• W1551799435 date "2004-08-11" @default.
• W1551799435 modified "2023-09-27" @default.
• W1551799435 title "Monetary Magic? How the Fed Improved the Supply Side of the Economy" @default.
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• W1551799435 hasPublicationYear "2004" @default.
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