Monetary Policy Mistakes and the Evolution of Inflation Expectations

Athanasios Orphanides, John Williams

NBER Working Paper No. 17080
Issued in May 2011

---- Acknowledgments ----

We thank Nick Bloom, Bob Hall, Seppo Honkapohja, Andy Levin, John Taylor, Bharat Trehan, and participants at the NBER Conference on the "Great Inflation" and other presentations for helpful comments and suggestions. We also thank Justin Weidner for excellent research assistance. The opinions expressed are those of the authors and do not necessarily reflect the views of the Central Bank of Cyprus, the Governing Council of the European Central Bank, the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal Reserve System, or the National Bureau of Economic Research.

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