Cyprus: Fed took over-simplistic approach to controlling inflation
A paper published by the Central Bank of Cyprus in May looks into the monetary policy mistakes of the Federal Reserve, and charts the evolution of inflation expectations following the spike in price levels in the 1960s and 1970s.
The paper considers what monetary policy framework would have avoided the period of great inflation. The authors, Athanasios Orphanides and John Williams, use counterfactual simulations of an estimated model of the US economy to evaluate alternative monetary policy
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