ECB paper examines pre-Volcker monetary policy


A working paper, published by the European Central Bank (ECB) on May 25, examines monetary policy in the era before the governorship of Paul Volcker and the ‘Great Inflation'.

The authors, Florin Bilbiie and Roland Straub, use a dynamic general equilibrium model that focuses on asset market participation rather than policy mistakes by the Federal Reserve in the pre-Volcker era. They find evidence that changes in inflation outcomes in the two eras can be explained by increased asset market

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