The Great Inflation and the Greenbook.
<p>Can the story of evolving Federal Reserve beliefs in <em>The Conquest of American Inflation</em> simultaneously explain the Great Inflation and the forecasts published in the Greenbook during that time? If Sargent is correct then evolving beliefs should be reflected not only in...
| Main Authors: | , |
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| Format: | Journal article |
| Language: | English |
| Published: |
Elsevier
2009
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| _version_ | 1826266316236914688 |
|---|---|
| author | Carboni, G Ellison, M |
| author_facet | Carboni, G Ellison, M |
| author_sort | Carboni, G |
| collection | OXFORD |
| description | <p>Can the story of evolving Federal Reserve beliefs in <em>The Conquest of American Inflation</em> simultaneously explain the Great Inflation and the forecasts published in the Greenbook during that time? If Sargent is correct then evolving beliefs should be reflected not only in policy outcomes but also in Greenbook forecasts. In this paper they are. By conditioning on the Greenbook, it is show that both inflation outcomes and Greenbook forecasts can be rationalised by evolving beliefs. The results improve on recent empirical evidence that has been criticised for relying on unrealistic beliefs that produce forecasts inconsistent with the Greenbook.</p> |
| first_indexed | 2024-03-06T20:37:03Z |
| format | Journal article |
| id | oxford-uuid:32fecf09-f043-492e-8eb8-dbc21e7a7eff |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T20:37:03Z |
| publishDate | 2009 |
| publisher | Elsevier |
| record_format | dspace |
| spelling | oxford-uuid:32fecf09-f043-492e-8eb8-dbc21e7a7eff2022-03-26T13:17:29ZThe Great Inflation and the Greenbook.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:32fecf09-f043-492e-8eb8-dbc21e7a7effEnglishDepartment of Economics - ePrintsElsevier2009Carboni, GEllison, M<p>Can the story of evolving Federal Reserve beliefs in <em>The Conquest of American Inflation</em> simultaneously explain the Great Inflation and the forecasts published in the Greenbook during that time? If Sargent is correct then evolving beliefs should be reflected not only in policy outcomes but also in Greenbook forecasts. In this paper they are. By conditioning on the Greenbook, it is show that both inflation outcomes and Greenbook forecasts can be rationalised by evolving beliefs. The results improve on recent empirical evidence that has been criticised for relying on unrealistic beliefs that produce forecasts inconsistent with the Greenbook.</p> |
| spellingShingle | Carboni, G Ellison, M The Great Inflation and the Greenbook. |
| title | The Great Inflation and the Greenbook. |
| title_full | The Great Inflation and the Greenbook. |
| title_fullStr | The Great Inflation and the Greenbook. |
| title_full_unstemmed | The Great Inflation and the Greenbook. |
| title_short | The Great Inflation and the Greenbook. |
| title_sort | great inflation and the greenbook |
| work_keys_str_mv | AT carbonig thegreatinflationandthegreenbook AT ellisonm thegreatinflationandthegreenbook AT carbonig greatinflationandthegreenbook AT ellisonm greatinflationandthegreenbook |