Replication data for: Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation

Principal Investigator(s):  View help for Principal Investigator(s) Olivier Coibion; Yuriy Gorodnichenko

Version:  View help for Version V1

Name File Type Size Last Modified
  TVCmodel-final 10/11/2019 03:12:PM
Figure1.m text/plain 6.4 KB 10/11/2019 11:12:AM
Figure2.m text/plain 3.6 KB 10/11/2019 11:12:AM
Figure5.m text/plain 4.5 KB 10/11/2019 11:12:AM
GreenBookForecasts_for_AER.xlsx application/vnd.openxmlformats-officedocument.spreadsheetml.sheet 53.5 KB 10/11/2019 11:12:AM
LICENSE.txt text/plain 14.6 KB 10/11/2019 11:12:AM
NKPCTaylorf4.m text/plain 9.8 KB 10/11/2019 11:12:AM
NKPCcalvo.m text/plain 4.7 KB 10/11/2019 11:12:AM
NKPCcalvoMindexF4.m text/plain 5.2 KB 10/11/2019 11:12:AM
NKPCcalvof3.m text/plain 4.8 KB 10/11/2019 11:12:AM
    Total of 43 records. Records per page
  • « previous
    •  Page  of 5
  • next »

Project Citation: 

Coibion, Olivier, and Gorodnichenko, Yuriy. Replication data for: Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112399V1

Project Description

Summary:  View help for Summary With positive trend inflation, the Taylor principle does not guarantee a determinate equilibrium. We provide new theoretical results on determinacy in New Keynesian models with positive trend inflation and new empirical findings on the Federal Reserve's reaction function before and after the Volcker disinflation to find that, (i) while the Fed likely satisfied the Taylor principle before Volcker, the US economy was still subject to self-fulfilling fluctuations in the 1970s, (ii) the US economy switched to determinacy during the Volcker disinflation, and (iii) the switch reflected changes in the Fed's response to macroeconomic variables and the decline in trend inflation. (JEL E12, E23, E31, E32, E52)

Scope of Project

JEL Classification:  View help for JEL Classification
      E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
      E23 Macroeconomics: Production
      E31 Price Level; Inflation; Deflation
      E32 Business Fluctuations; Cycles
      E52 Monetary Policy


Related Publications

Download this project

Published Versions

V1 [2019-10-11]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.