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Has the Fed Been a Failure?

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Figure

Table 1: Characteristics of quarterly inflation. Sample statistics 1875-1914 1947-2010 1915-2010 1971-2010 mean -0.05% 3.39% 3.16% 3.84% standard deviation 8.33% 2.54% 6.78% 2.51% autocorrelation, 1 lag 0.18 0.80 0.70 0.89 autocorrelation, 2 lags -0.16 0.7
Table 3: Contribution of aggregate supply shocks to output forecast error variance.

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