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Economic Perspectives, 27, No. 1, January 2003
Inflation and monetary policy in the twentieth century
This article characterizes the change in the nature of the money growth–inflation and unemployment– inflation relationships between the first and second halves of the twentieth century. The changes are substantial, and the authors discuss some of the implications for modeling inflation dynamics, notably for models of inflation that say that bad inflation outcomes result from poorly designed monetary policy institutions.


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