The incredible Volcker disinflation

Journal of Monetary Economics

Volumn 52, Issue 5, 2005, Pages 981-1015

  Goodfriend, Marvin ^a   King, Robert G ^b  

^a FEDERAL RESERVE BANK OF RICHMOND   (United States)

^b USA   (United States)

Author keywords

Credibility; Disinflation; Monetary policy; Volcker

Indexed keywords

EID: 27144433498     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2005.07.001     Document Type: Article

References (29)

1. A Program for Economic Recovery, 1981. Reagan Administration, February 18.
2. Axilrod, S., Sternlight, P., 1979. Proposal for reserve aggregates as a guide to open market operations. Federal Open Market Committee Transcripts, October 4.
3. L. Ball Credible disinflation with staggered price-setting American Economic Review 84 1994 282-289
4. L. Ball Disinflation with imperfect credibility Journal of Monetary Economics 35 1995 5-23
5. M. Baxter The role of expectations in stabilization policy Journal of Monetary Economics 15 1985 343-362
6. G.A. Calvo Staggered prices in a utility maximizing framework Journal of Monetary Economics 12 1983 383-398
7. Cook, T., 1989. Determinants of the federal funds rate: 1979-1982. Federal Reserve Bank of Richmond, Economic Review (January/February), pp. 3-19.
8. C. Erceg A. Levin Imperfect credibility and inflation persistence Journal of Monetary Economics 50 2003 915-944
9. Federal Open Market Committee. 1979-1982. Transcripts.
10. I. Fisher The Theory of Interest 1930 Macmillan Company New York
11. M. Friedman A Theory of the Consumption Function 1957 Princeton University Press Princeton, NJ
12. Gilbert, R.A., Trebbing, M., 1981. The FOMC in 1980: A year of reserve targeting. Federal Reserve Bank of St. Louis, Review, August/September, 8-22.
13. M. Goodfriend Interest rate policy and the inflation scare problem: 1979-1992 Federal Reserve Bank of Richmond, Economic Quarterly 79 Winter 1993 1-24
14. M. Goodfriend R.G. King The new neoclassical synthesis and the role of monetary policy In: B.S. Bernanke J.J. Rotemberg (Eds.) NBER Macroeconomics Annual 1997 MIT Press Cambridge pp. 231-282
15. R.L. Hetzel Arthur burns and inflation Federal Reserve Bank of Richmond, Economic Quarterly 84 Winter 1998 21-44
16. Jordan, J., Stevens, N., 1971. The year 1970-a "modest" beginning for monetary aggregates. Federal Reserve Bank of St. Louis, Review, January, pp. 14-32.
17. Lang, R., 1980. The FOMC in 1979: Introducing reserve targeting. Federal Reserve Bank of St. Louis, Review, March, pp. 2-25.
18. Lindsey, D., Orphanides, A., Rasche, R., 2005. The reform of October 1979: How it happened and why? In: Conference on Reflections on Monetary Policy 25 Years After October 1979. Federal Reserve Bank of St. Louis, Review, March/April, pp. 187-235.
19. McCallum, B.T., 1981. Price level determinacy with an interest rate policy rule and rational expectations, Journal of Monetary Economics, 8, November, 319-329.
20. Okun, A.M., 1978. Efficient disinflation policies. American Economic Review 68, May, 348-352.
21. M. Parkin A comparison of alternative techniques of monetary control under rational expectations Manchester School of Economic and Social Studies 46 1978 252-287
22. W. Poole Money and the Economy: A Monetarist View 1978 Addison-Wesley Reading
23. C. Romer D. Romer Does monetary policy matter? A new test in the spirit of Friedman and Schwartz In: O.J. Blanchard S. Fisher (Eds.) NBER Macroeconomics Annual 1989 MIT Press Cambridge pp. 121-169
24. T.J. Sargent N. Wallace Rational expectations, the optimal monetary instrument, and the optimal money supply rule Journal of Political Economy 83 1975 241-254
25. Schreft, S., 1990. Credit controls: 1980. Federal Reserve Bank of Richmond, Economic Review (November/December), pp. 25-55.
26. M. Shapiro Federal reserve policy: Cause and effect In: N. Gregory (Ed.) Mankiw Monetary Policy 1994 University of Chicago Press Chicago pp. 307-334
27. The World Almanac and Book of Facts, 1977-1983 editions.
28. Wallich, H., 1983. Changes in monetary policy and the fight against inflation. Cato Journal 3, Spring, 147-154.
29. M. Woodford Interest and Prices: Foundations of a Theory of Monetary Policy 2003 Princeton University Press Princeton