NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes

Riccardo DiCecio, Edward Nelson

Chapter in NBER book The Great Inflation: The Rebirth of Modern Central Banking (2013), Michael D. Bordo and Athanasios Orphanides, editors (p. 393 - 438)
Conference held September 25-27, 2008
Published in June 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research

This chapter examines the Great Inflation in the United States and the United Kingdom, arguing that both countries had similar experiences, and identifies the common themes in UK and US policymaking. It illustrates some key points about UK policymaking doctrine in the 1970s by examining the monetary policy shock realizations implied by a version of the Smets and Wouters (2007) model estimated on UK data. The chapter also considers more benign interpretations of UK monetary policy decisions during the 1970s.

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This paper was revised on November 30, 2009

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This chapter first appeared as NBER working paper w14895, The Great Inflation in the United States and the United Kingdom: Reconciling Policy Decisions and Data Outcomes, Riccardo DiCecio, Edward Nelson
Commentary on this chapter:
  Discussion, Michael D. Bordo, Athanasios Orphanides
  Comment, Matthew D. Shapiro
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