Inflation and Monetary Policy in the 20th Century

Lawrence J Christiano, Terry J Fitzgerald

Research output: Contribution to journalArticlepeer-review


This article characterizes the change in the nature of the money growth–inflation and unemployment– inflation relationships between the first and second halves of the twentieth century. The changes are substantial, and the authors discuss some of the implications for modeling inflation dynamics, notably for models of inflation that say that bad inflation outcomes result from poorly designed monetary policy institutions.
Original languageEnglish
JournalEconomic Perspectives
StatePublished - 2003


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