@article{Interpretation:1418,
      recid = {1418},
      author = {Kozicki, Sharon and Tinsley, P. A.},
      title = {Perhaps the FOMC Did What It Said It Did: An Alternative  Interpretation of the Great Inflation},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iii, 41 pages)},
      abstract = {This paper uses real-time briefing forecasts prepared for  the Federal Open Market Committee (FOMC) to provide  estimates of historical changes in the design of U.S.  monetary policy and in the implied central-bank target for  inflation. Empirical results support a description of  policy with an effective inflation target of roughly 7  percent in the 1970s. Moreover, the evidence suggests that  mismeasurement of the degree of economic slack was largely  irrelevant for explaining the Great Inflation while  favouring a passive-policy description of monetary policy.  FOMC transcripts provide a neglected interpretation of the  source of passive policy–intermediate targeting of monetary  aggregates.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1418},
      doi = {https://doi.org/10.34989/swp-2007-19},
}