Kansas Fed paper on the FOMC & the great inflation

The Federal Reserve Bank of Kansas City has published a Working Paper by Sharon Kozicki and P.A. Tinsely titled "Perhaps the FOMC did what it said it did: An alternative interpretation of the great inflation".

Changes in the design of US monetary policy and the implied target for inflation are estimated using real-time forecasts prepared for the Federal Open Market Committee. Results and FOMC transcripts support a neglected interpretation of policy during the 1970s.

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