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On recognizing inflation

Author

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  • William E. Cullison

Abstract

Forecasters experienced considerable difficulty in recognizing rising inflation and predicting its intensity in 1972-82. Possible explanations discussed are: 1) unpredictable supply shocks, 2) excessive attention to nonmonetary developments, and 3) actual money growth overshooting its targeted growth rate. ; A version of this work was published in the Federal Reserve Bank of Richmond's Economic Review, 1988, V. 74, No. 4

Suggested Citation

  • William E. Cullison, 1988. "On recognizing inflation," Working Paper 88-06, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:fedrwp:88-06
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    File URL: http://richmondfed.org/publications/research/working_papers/1988/wp_88-6.cfm
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    File URL: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/economic_review/1988/pdf/er740401.pdf
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    Citations

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    Cited by:

    1. Robert L. Hetzel, 2000. "The Taylor rule : is it a useful guide to understanding monetary policy?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 1-33.
    2. Hendrickson, Joshua R., 2012. "An overhaul of Federal Reserve doctrine: Nominal income and the Great Moderation," Journal of Macroeconomics, Elsevier, vol. 34(2), pages 304-317.
    3. Tazwell S. Rowe & Roy H. Webb, 1995. "An index of leading indicators for inflation," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 75-96.
    4. Smant, David J. C., 1998. "Modelling trends, expectations and the cyclical behaviour of prices," Economic Modelling, Elsevier, vol. 15(1), pages 151-161, January.

    More about this item

    Keywords

    Inflation (Finance);

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