The decline of activist stabilization policy: Natural rate misperceptions, learning, and expectations

We develop an estimated model of the U.S. economy in which agents form expectations by continually updating their beliefs regarding the behavior of the economy and monetary policy. We explore the effects of policymakers’ misperceptions of the natural rate of unemployment during the late 1960s and 19...

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Veröffentlicht in:	Journal of economic dynamics & control 2005-11, Vol.29 (11), p.1927-1950
Hauptverfasser:	Orphanides, Athanasios, Williams, John C.
Format:	Artikel
Sprache:	eng
Schlagworte:	Inflation Learning Macroeconomic policy Mathematical methods Model testing Monetary models Monetary policy Monetary theory NAIRU Policy analysis Rational expectations Stagflation U.S.A
Online-Zugang:	Volltext
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