The Expectations Trap Hypothesis

Released on by Lawrence J. Christiano
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  • The Expectations Trap Hypothesis Book Detail

  • Author : Lawrence J. Christiano
  • Release Date : 2000
  • Publisher :
  • Genre : Inflation (Finance)
  • Pages : 52
  • ISBN 13 :
  • File Size : 10,10 MB
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The Expectations Trap Hypothesis by Lawrence J. Christiano PDF Summary

Book Description: We explore a hypothesis about the take-off in inflation that occurred in the early 1970s. According to the expectations trap hypothesis, the Fed was pushed into producing the high inflation out of a fear of violating the public's inflation expectations. We compare this hypothesis with the Phillips curve hypothesis, according to which the Fed produced the high inflation as an unfortunate by-product of a conscious decision to jump-start a weak economy. Which hypothesis is more plausible has important implications for what needs to be done to prevent other inflation flare-ups.

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