Falling Behind the Curve: A Positive Analysis of Stop-Start Monetary Policies and the Great Inflation

Andrew Levin, John B. Taylor

NBER Working Paper No. 15630
Issued in January 2010

---- Acknowledgments ----

We appreciate comments and suggestions of Michael Bordo, Athanasios Orphanides, and participants in the Great Inflation conference. This paper also has benefited greatly from invaluable conversations with Bill English, Chris Erceg, Dale Henderson, Bob Hetzel, Brian Madigan, Ben McCallum, Edward Nelson, and David Small, and from the excellent research assistance of Kathleen Easterbrook. The views expressed in this paper are solely those of the authors, and do not necessarily reflect the views of the Board of Governors of the Federal Reserve System, anyone else associated with the Federal Reserve System, or the National Bureau of Economic Research.

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