دانلود مقاله ISI انگلیسی شماره 47269
عنوان فارسی مقاله

کاهش تورم باور نکردنی ولکر

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
47269 2005 35 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
The incredible Volcker disinflation ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Monetary Economics, Volume 52, Issue 5, July 2005, Pages 981–1015

کلمات کلیدی
اعتبار - کاهش تورم - سیاست های پولی - ولکر
پیش نمایش مقاله
پیش نمایش مقاله کاهش تورم باور نکردنی ولکر

چکیده انگلیسی

The reduction in inflation that occurred in the early 1980s, when the Federal Reserve was headed by Paul Volcker, is arguably the most widely discussed and visible macroeconomic event of the last 50 years of U.S. history. Inflation had been dramatically rising, but under Volcker, the Fed first contained and then reversed this process. Using a simple modern macroeconomic model, we argue that the real effects of the Volcker disinflation were mainly due to its imperfect credibility. In our view, the observed upward volatility and subsequent stubborn elevation of long-term interest rates during the disinflation are key indicators of that imperfect credibility. Studying transcripts of the Federal Open Market Committee recently released to the public, we find—to our surprise—that Volcker and other FOMC members likewise regarded the long-term interest rates as indicative of inflation expectations and of the credibility of their disinflationary policy. Drawing from the transcripts and other contemporary sources, we consider the interplay of monetary targets, operating procedures, and credibility during the Volcker disinflation.

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