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
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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 |
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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:
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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:
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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
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
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