Arthur Burns and Richard Nixon

Hetzel, Robert L.

doi:10.1017/cbo9780511754173.009

Cited by 22 publications

(24 citation statements)

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“…12 This position took the opposite stance of monetarist studies such as that of Friedman and Schwartz (1963); it was also at variance with that of leading Keynesians in the U.S. Paul Samuelson, for example, stated, "I cannot agree 10. What we call the "monetary policy neglect" explanation has been stressed for the U.S. by Hetzel (1998) and Mayer (1999), but has not so far been examined in quantitative studies.…”

Section: Monetary Policy Neglectmentioning

confidence: 99%

Monetary Policy and Stagflation in the UK

Nelson

Nikolov²

2004

Journal of Money, Credit, and Banking

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The volatile behavior of inflation, output, and interest rates in the United Kingdom prior to the 1990s helps discriminate between rival explanations for the outbreak of stagflation. We examine alternative hypotheses with a New Keynesian model of aggregate demand and inflation determination, estimated on quarterly UK data for 1959-2000. Our model features IS and Phillips curves based on optimizing behavior, and fully incorporates the distinction between detrended output and the output gap stressed by optimizing analysis. Using simulations of our model as well as information on the "real-time" views of policymakers, we test alternative explanations for the outbreak of inflation in the United Kingdom in the 1960s and 1970s. We find that inaccurate estimates of the degree of excess demand in the economy contributed significantly to the outbreak. But we also find a major role for the failure at the time to recognize the importance of monetary policy, as opposed to nonmonetary devices, in controlling inflation.JEL codes: E31, E52, E58

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Section: Monetary Policy Neglectmentioning

confidence: 99%

Monetary Policy and Stagflation in the UK

Nelson

Nikolov²

2004

Journal of Money, Credit, and Banking

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“…(ii) où : Dans un cadre d'analyse plus structuré que celui du système des équations (i)-(iii), Ireland (2007) montre que, sur la période post-Seconde Guerre, la politique de la Réserve fédérale (Fed) a consisté à transférer les pressions exercées par les chocs d'offre sur les prix à court terme en des mouvements plus persistants dans la dynamique du taux d'inflation (Blinder, 1982;Hetzel, 1998;Mayer, 1998, etc.). Toutefois, depuis 1980, la Fed a agit de manière « opportuniste » pour ramener l'inflation vers des niveaux plus bas à la suite de perturbations plus favorables du côté de l'offre (Bomfim et Rudebusch, 2000;Orphanides et Wilcox, 2002, etc.…”

Section: L'inflation Tendancielle Et La Politique Monétaireunclassified

La courbe de Phillips : temps d’arbitrage et/ou arbitrage de temps

Gbaguidi

2013

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La relation d’arbitrage inflation-activité réelle a progressivement retenu l’attention des chercheurs depuis l’étude de Phillips (1958). Pourtant, même si, dans le nouveau cadre keynésien d’analyse (NKPC), une quasi-résurrection de la courbe de Phillips a été entrevue, de nombreux aspects de la modélisation restent sujets à controverses dans la littérature actuelle. L’une des principales sources des remises en question du socle NKPC demeure celle associée à la prise en compte des anticipations des agents dans les rouages, à la fois théoriques et empiriques, de la réflexion. Partant de ce constat, cette revue de la littérature propose une synthèse des principaux résultats issus de l’introduction des anticipations dans les récentes modélisations de cette fameuse passerelle entre les sphères nominale et réelle du système économique. L’objectif est de restituer une synthèse des discours classique, monétariste et keynésien autour du thème de l’arbitrage, d’examiner les termes dans lesquels celui-ci est formulé, et de poser les jalons d’une évaluation de sa perméabilité aux débats plus largement « idéologiques » qui agitent l’ensemble de la profession

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“…For example, Burns attributed inflation to a variety of "special factors." As these special factors dissipated, but inflation did not, Burns blamed inflation on government deficits (Hetzel, 1998). Hence, cost-push inflation was not essential element of the MPIP.…”

Section: The Monetary-policy-ineffectiveness Proposition (Mpip)mentioning

confidence: 99%

How Did We Get to Inflation Targeting and Where Do We Go Now? A Perspective from the U.S. Experience

Thornton

2009

SSRN Journal

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This paper advances the hypothesis that the transition from there-is-little-central-banks-can-do-tocontrol-inflation to inflation targeting occurred because central banks, especially the Federal Reserve, demonstrated that central banks can control inflation rather than a consequence of marked improvement in the professions understanding of how monetary policy controls inflation. As consequence, monetary theorists and central bankers have returned to a Phillips curve framework for formulating and evaluating the monetary policy. I suggest that the return to the Phillips curve framework endangers the continued effectiveness, and perhaps even viability, of inflation targeting, recommend three steps that inflation-targeting central banks should take to preserve and strengthen inflation targeting. JEL Codes: E52, E58

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Arthur Burns and Richard Nixon

Cited by 22 publications

References 0 publications

Monetary Policy and Stagflation in the UK

Monetary Policy and Stagflation in the UK

La courbe de Phillips : temps d’arbitrage et/ou arbitrage de temps

How Did We Get to Inflation Targeting and Where Do We Go Now? A Perspective from the U.S. Experience

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