Inflation and Monetary Policy in the Twentieth Century

24 Pages Posted: 11 Mar 2003  

Lawrence J. Christiano

Northwestern University; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Chicago; Federal Reserve Bank of Minneapolis; National Bureau of Economic Research (NBER)

Terry J. Fitzgerald

Organization for Economic Co-Operation and Development (OECD)

Abstract

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

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

Lawrence J. Christiano (Contact Author)

Northwestern University ( email )

2003 Sheridan Road
Evanston, IL 60208
United States
847-491-8231 (Phone)
847-491-7001 (Fax)

Federal Reserve Bank of Cleveland

East 6th & Superior
Cleveland, OH 44101-1387
United States

Federal Reserve Bank of Chicago

230 South LaSalle Street
Chicago, IL 60604
United States

Federal Reserve Bank of Minneapolis

90 Hennepin Avenue
Minneapolis, MN 55480
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Terry J. Fitzgerald

Organization for Economic Co-Operation and Development (OECD)

2 rue Andre Pascal
Paris Cedex 16, 75775
France

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