Federal Reserve Bulletin, Spring 2004

The Federal Reserve published its Bulletin for Spring 2004 on 9 June. The Bulletin includes a summary of papers presented at the second Conference of the International Research Forum on Monetary Policy. Among the topics examined were the Great Inflation of the 1970s in the United States and the influence of learning, or adjustment of expectations, on policy outcomes and the tradeoffs between rules-based and discretionary monetary policy.

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