No evidence US prices were ‘more stable or less uncertain' before or after WWII
‘Well-managed fiat regime' can achieve same moderation level as gold standard
As periods of high and low volatility in US prices occurred both before and after the Second World War, there is no evidence the price level was systematically more stable or less uncertain in either era, according to a Bank of Korea working paper.
In Measuring price-level uncertainty and instability in the US, 1850–2012, Timothy Cogley and Thomas Sargent of New York University use a flexible statistical model with stochastic volatilities to measure price-level uncertainty and instability in the
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