Evolving Reputation for Commitment: The Rise, Fall and Stabilization of US Inflation
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A parsimonious model of shifting policy regimes can simultaneously capture expected and actual US inflation during 1969-2005. Our model features a forward-looking New Keynesian Phillips curve and purposeful policymakers that can or cannot commit. Private sector learning about policymaker type leads
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美国国家经济研究局创建时间：
2022-12-01
