24 Pages Posted: 11 Mar 2003
We characterize the change in the nature of the money growth-inflation and unemployment-inflation relationships between the first and second halves of the 20th century. The changes are substantial, and we discuss some of the implications for modeling inflation dynamics. We stress the implications for models of inflation which say that bad inflation outcomes are the consequence of poorly designed monetary policy institutions.
JEL Classification: E3, E5
Suggested Citation: Suggested Citation
Christiano, Lawrence J. and Fitzgerald , Terry J., Inflation and Monetary Policy in the Twentieth Century. Economic Perspectives, First Quarter, 2003. Available at SSRN: https://ssrn.com/abstract=378322 or http://dx.doi.org/10.2139/ssrn.378322